Bahrain's Al Baraka seals project finance deal with Sayacorp Aqar

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Bahrain-based Al Baraka Islamic Bank has signed a strategic partnership agreement with Sayacorp Aqar, a wholly-owned real estate and property development arm of leading hospitality group Sayacorp.

As per the agreement, Al Baraka will provide financing for the reclamation and infrastructure works for one of Sayacorp Aqar’s largest projects - Sayaland, which is a residential project in Al Sayah - Busaiteen, thus contributing to the elevation and development of the real estate sector in the kingdom.

Strategically located, Sayaland will come up on a 160,172 sq m area in Al Sayah, opposite Bahrain Bay area and the northern waterfront of the Kingdom of Bahrain.

One of the largest projects of Sayacorp Aqar, it boasts an attractive sea view and includes residential plots ranging in size from 500 to 800 sq m, some of which will be sold and others will be developed at another stage.

In addition, the project is situated along the bridge proposed by the Ministry of Works that will connect Al Sayah with Bahrain Bay, which has been announced to be a distinctive cultural landmark as it will contribute to enhancing the economic and investment movement in the region.

The agreement was signing at Al Baraka Islamic Bank's headquarters in Bahrain Bay in the presence of CEO Hamad A. Al Oqab, Chief Corporate and Institutional Banking Officer Fahad Abdulhameed Albalooshi and Senior Relationship Manager Yesor Arekat as well as Sayacorp Aqar officials CEO Fawaz Al Jowder and Director of Project Development Orabi Mohammed.

On the key partnership, Al Oqab said: "We are delighted to finance the ‘Sayaland’ project's reclamation and infrastructure works, which will positively impact the real estate sector's development and increase its returns and contributions to the economy and investment in the Kingdom."

Al Jowder said: "We are proud of this significant partnership with Al Baraka Islamic Bank, as it will support the finance of the reclamation and infrastructure work of the ‘Sayaland’ project, which will undoubtedly seek to consolidate and develop continuously the flow of investment and the economy in the kingdom in the foreseeable in accordance with the vision of the wise leadership to realize the Economic Vision 2030."