Master-planned Development Gaining Interest From International Community Mortgage Facilities Available for Qualified Applicants Worldwide

Bahrain, 22 January 2006:  Riffa Views has secured a freehold agreement paving the way for the international community to purchase homes in the stunning new property development and gain residency rights in the Kingdom of Bahrain. 

According to Riffa Views Managing Director, Yasser A. Abdulla, the legislation is part of a commitment to ensure that the 900-home real estate development is established as a multinational community on par with the most stringent international standards and expectations.

"Bahrain is renowned for its tradition of hospitality to people of all nationalities and this has resulted in the multicultural society the Kingdom enjoys.  This harmony will also be clearly reflected in the owner profile of Riffa Views, given the interest we are receiving from Bahraini and other GCC nationals, from Arab, Asian and Western expatriates in the Gulf, and from individuals in the UK, France, Germany and Spain. 

"We began offering the first phase of the 900 home development for sale last month with a mortgage finance arrangement in place with Bahrain Islamic Bank which - subject to certain criteria - will enable anyone of any nationality in any country in the world to secure a property in the development. With the Freehold Agreement members of the international community are now also guaranteed the ability to not only own a property but to also reside in the Kingdom in their own right," said Mr Abdulla.

The development features top quality designed and built homes woven around a planned new PGA championship golf course designed by internationally famed Arthur Hills/Steve Forrest & Associates.   Three neighbourhood clusters are laced together with extensive landscaping, combining oasis scenes with emerald parklands and lagoons with almost every home enjoying open views of the golf fairways or green landscaping. 

The first release of properties offered off plan includes 81 villas with on site work beginning this June and the first phase being completed by the first quarter of 2008.  A second sales period will also commence early this year.

"Riffa Views is a unique residential development thoughtfully planned by EDAW, the leading international architects whose award-winning designs supported London's successful Olympic bid.   Tastefully designed homes, the golf course and a range of leisure, shopping, educational and community facilities will all combine to create the lifestyle experience Riffa Views will offer," added Mr. Abdulla.

18 different four-bedroom villa designs will architecturally fuse contemporary Middle Eastern and Mediterranean themes using materials that reflect environmental concern for Bahrain's climate and cultural heritage.  Prices for the initial 81 villas currently being released start at BHD 170,000 with a total plot area ranging from 500 square metres to 1,800 square metres.

"We are committed to excellence in the design and delivery of the project so that Riffa Views will deliver top quality homes at affordable prices both for locals and GCC citizens as well as for the international community," concluded Mr. Abdulla.

-Ends-

For more information please contact:
Lorna Damiani 
Hill and Knowlton
Tel: +973 17533532
Fax: +973 17533370
E-mail: lorna@hillandknowlton.com.bh

Tala Haroun 
Riffa Views
Tel: +973 17757999
Fax: +973 17757990
E-mail: tharoun@riffaviews.com
Website: www.riffaviews.com

© Press Release 2006