KFH-Bahrain and King Faisal Corniche Development Company Ink MoU to Finance " The Avenues-Bahrain" Project

KFH Bahrain, King Faisal Development ink MoU to offer financing of USD94 million to preform and develop "The Avenues-Bahrain" project.

  
Alkhayyat and Al Sherian signing the MoU

Alkhayyat and Al Sherian signing the MoU

13 February 2016
Mabanee Owns 35% of King Faisal Company


Kuwait Finance House- Bahrain (KFH-Bahrain) and King Faisal Corniche Development Company in Which Mabanee-Bahrain, a subsidiary of Mabanee- Kuwait owns 35% of it, have signed a memorandum of understanding MoU subject to final approvals to offer financing of USD 94 million to preform and develop " The Avenues-Bahrain" Project, located on Bahrain Bay in the Capital Manama during a period of 12 months.

The signing ceremony was preceded by AbdulHakeem Al Khayyat, the Managing Director and CEO of KFH-Bahrain and Waleed Khalid Al Sherian, CEO of "Mabanee" Company . omit owner of the project

Those in attendance were Peter Verhoeven, Group Chief Wholesale Banking at KFH Group and Senior Financial Director at Mabanee Zahed Kasmani, and a number of managers from the Bank and the "Mabanee" Company.

On this occasion, Waleed Khalid Al Sherian, CEO of "Mabanee" Company commented, "We chose KFH-Bahrain to finance the project based on the Banks' ability to provide outstanding Islamic Financing Solutions that are a perfect fit to our project. It is our pleasure to have KFH-Bahrain as our Financial Partner in completing this project. This arrangement emphasis on the Banks' confidence in the project as contributors, along with the investment guarantees."

Al-Sherian added: "This financing for " The Avenues-Bahrain" Project which is considered one of a kind in the Kingdom of Bahrain, from its immensity and diverse activities that will be provided for its visitors. In addition, the Project is expected to boost the tourism and trade in the Kingdom, through the support it will provide for the retail industry, especially that it will provide an exquisite shopping and entertaining experience to its visitors. It will also provide many global recognized brands and shops along with family entertaining facilities, all under one roof."

Menawhie, AbdulHakeem Al Khayyat commented, "We are pleased with the choice "Mabanee" company have made by choosing us as their Financial Partner. By signing this arrangement, KFH-Bahrain has already reached one of its goals which are a constant strives to finance new innovative projects that will support the economy of the Kingdom of Bahrain and will contribute in boosting it".

The Avenues-Bahrain" Project

The Avenues-Bahrain is expected to open in the first quarter 2017. The Avenues-Bahrain compasses of 265,000 square meters in a strategic location with a unique view over 1.5 kilometers with a sea view, which will make it a new feature added to the city distinctive features. 38,000 square meters were assigned to commercial shops which is comes to 15% of the total area. The larger area will be assigned for family entertainment purposes  where it contain  omit running track,  children arcade, cinema theaters, elegant restaurants and cafes along with a spacious public park with access to the water view.

About Kuwait Finance House, Bahrain
Kuwait Finance House-Bahrain provides Islamic commercial and investment banking services. Established in 2002 as a wholly owned subsidiary of Kuwait Finance House (Kuwait) -- an industry leader for more than 30 years -- KFH-Bahrain specializes in developing and bringing to market the highest quality Islamic compliant banking and investment products, all of which are delivered by a staff of experienced and dedicated professionals with a deep understanding of the market and the clients we serve.

© Press Release 2016


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