|16 October, 2019

Bahrain'S Edamah Inks $11.96mln Deal With Khaleeji Commercial Bank

Scheduled to be finalised by 2020, the work on the project started on September 15, 2019

Image used for illustrative purpose. Bahrain. Mosque and modern skyline of Manama.

Image used for illustrative purpose. Bahrain. Mosque and modern skyline of Manama.

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Bahrain Real Estate Investment Company (Edamah) has concluded a BHD 4.5 million financing agreement with Khaleeji Commercial Bank (KHCB) to fund the development of Edamah’s Salmaniya Medical Complex multi-story carpark.

Scheduled to be finalised by 2020, the work on the project started on 15 September 2019, with mobilisation already completed at the site of the carpark, according to a recent press release.

Following the completion of this project, traffic congestion around the Salmaniya Medical Complex will be reduced, as about 600 parking spaces will be provided.

Spanning an area of 5,700 square metres, the building will provide crucial access to emergency centres.

On this occasion, CEO of Edamah, Amin Alarrayed, said, ‘’This is a key project as part of the pipeline of several strategic projects we have been developing in 2019, which comes in line with Edamah’s continued efforts to elevate the infrastructure in the Kingdom of Bahrain and deliver projects that serve its citizens.’’

CEO of KHCB, Sattam Algosaibi, highlighted that the agreement reiterates the bank’s commitment to enter into strategic partnerships, while strengthening the Bahraini government’s efforts in developing the kingdom.

Furthermore, the project will help ‘’increasing the operational performance of Salmaniya Medical Complex and ensuring the integration of its medical services, making the project an integral part of the sustainable development process around the region,’’ the press release said.

It is worthwhile mentioning that Khaleeji Commercial Bank is dually listed on Bahrain Bourse (BHB) and the Dubai Financial Market (DFM).

Source: Mubasher

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