First Islamic Investment Bank E.C. ("First Islamic"), a leading Bahrain-based investment bank, and Bahrain International Golf Course Company ("BIGCC") announced today a $300 million project to develop a uniquely themed residential community around the Riffa Golf Course in Bahrain.
First Islamic has undertaken the equity investment in the project while the Islamically structured financing facility was fully underwritten by HSBC.
In developing the community, First Islamic will partner with East West Partners, a leading developer of award-winning themed residential communities in the United States, who have completed over 30 similar projects.
First Islamic aims to transform the existing Riffa Golf Course in order to offer residents a comprehensive lifestyle experience. Properties will be developed within a gated community, expected to consist of some 500 units, that offer residents impressive views of the golf course together with access to wide-ranging leisure facilities and amenities that are best suited for families. The residential units, consisting of a variety of single family homes built around the Riffa Golf Course, will have access to world-class sporting facilities and a country club that will offer residents resort-type swimming pools, indoor and outdoor tennis courts and other racquet sports facilities as well as a high-end health club. In addition, the community will include within its confines an international school, commercial facilities and a number of community parks and children's play areas.
The golf course itself will be redesigned by leading golf designers and modified to championship standards, which will enable it to host international events. This, together with improved training facilities, will solidify Bahrain's position within the sport of golf and complement the Kingdom's other sporting and tourist attractions.
In developing the community, First Islamic will involve international developers, designers and branded operators whose names will be announced in the near future.
Sheikh Rashid Bin Khalifa Al Khalifa, the Chairman of BIGCC commented "We are pleased to announce this exciting project that will not only offer a unique residential community, but will also be a boon for the sport of golf in the Kingdom. We are further pleased to be partnering with First Islamic, one of the region's leading financial institutions, for the development and regeneration of the Riffa Golf Course."
Atif A. Abdulmalik, First Islamic's Chief Executive Officer commented: "This project is a continuation of First Islamic's themed residential community developments in the Middle East. We are extremely proud to introduce this concept in Bahrain and shall partner with world class developers and operators to produce an exceptional community and a superior golf course."
Sheikh Mohammed Bin Isa Al Khalifa, Vice Chairman of BIGCC commented "This project reflects the confidence of both local and international investors, such as First Islamic, in the development and growth of Bahrain. We, as shareholders, are excited to see the Riffa Course transformed into a signature championship course and further used as a platform to develop quality residential properties in Bahrain."
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Note to Editors:
First Islamic Investment Bank
Headquartered in Bahrain with offices in Atlanta and London, First Islamic's three principal lines of business are corporate investment, real estate and asset-based investment. To date, the Bank has completed 31 transactions with a total value in excess of $6 billion and has an equity capital base in excess of $300 million. First Islamic's mission is to provide innovative and distinctive Shari'ah compliant investment opportunities that generate superior risk-adjusted returns.
East West Partners
East West Partners began in Virginia, USA three decades ago and today is a flourishing company that develops, markets and manages progressive residential and resort communities. With more than 11,000 lots developed and sold, and a total asset value of approximately $2 billion, as well as a number of award winning communities, East West Partners presents an incomparable record of experience and achievement.
For further information, please contact:
Laila Danesh,
Financial Dynamics
Tel: 17 537072
Mob: 39051111
© Press Release 2004
