Shamil Bank, EAG Form Joint Venture in Real Estate

MANAMA, 6 December 2007 -- Shamil Bank, a leading Islamic commercial and investment bank and member of the Ithmaar Banking Group, and Bahrain-based Ebrahim Abdulaal Group of Companies (EAG) yesterday announced a multimillion-dollar joint venture to pursue real estate opportunities in Bahrain and elsewhere in the Gulf area, following the signing of a Memorandum of Understanding (MOU) between the two parties.

Under the joint venture, two projects will be initiated early next year in Bahrain, namely Marina Reef and City View with a combined value exceeding $100 million. City View, a 20-floor residential tower will be built next to Dana Mall as a high-rise development encompassing one, two and three-bedroom apartments with luxury fittings complementing amenities and adequate parking space. Concurrently, the joint venture will develop Marina Reef, a mid-rise, sea-themed development consisting of three six-storey buildings, offering one, two and three-bedroom luxury apartments on Reef Island (previously known as LuLu Island).

Special purpose companies, to be owned 51 percent by Shamil and 49 percent by EAG, will be formed for each project.

"EAG is a well-known and reputed real estate developer and contractor, which has successfully operated in the Kingdom of Bahrain and elsewhere for more than 25 years. We are confident that the projects are going to be great successes," said Shamil Bank Chief Executive and member of the board Mohammed Hussain.

"Shamil Bank's strong brand value will help build buyer and investor confidence in the project," said EAG Chairman Ebrahim Abdulaal Al-Fahad.