EAGLE HILLS DIYAR AND AL BARAKA ISLAMIC BANK SIGN STRATEGIC FINANCE AGREEMENT FOR MARASSI AL BAHRAIN
Eagle Hills Diyar, master-planners of the iconic urban development Marassi Al Bahrain, have entered into a strategic partnership with Al Baraka Islamic Bank, one of the Kingdom’s leading financial institutions in the Islamic banking sector. In light of this agreement, Al Baraka Islamic Bank will provide exclusive mortgage solutions to its customers who wish to invest in any of Marassi Al Bahrain’s residential components.
The signing of the agreement was held at the Marassi Al Bahrain Sales Centre, located at Diyar Al Muharraq, and was executed by Dr. Maher Al Shaer, Eagle Hills Diyar Managing Director, and Mr. Mohamed Al Mutaweh, CEO & board member of Al Baraka Islamic Bank, in the presence of representatives from both entities.
This strategic collaboration will enable Al Baraka Islamic Bank customers who wish to invest in the project, to avail themselves of exclusive financing schemes that will facilitate their purchase of any residential units under the Marassi Al Bahrain project umbrella. The Bank will provide eligible buyers, both Bahrainis, Expatriates and GCC Nationals, with flexible re-payment structures at competitive rates, to ease them through the construction period of their individual investments and repayment thereof in accordance with the bank’s terms and conditions.
Commenting on this partnership, Eagle Hills Diyar Managing Director, Dr. Maher Al Shaer stated: “Our alliance with a solid financial institution such as Al Baraka Islamic Bank is a strategic move to consolidate the Bank’s customer-oriented financing solutions with our unique product offering, in an effort to offer investors the economic feasibility and opportunity to benefit from favorable funding conditions. One of our main roles as developers is to support our investors with convenient payment structures and to facilitate their investment journey in the long-term, in line with international standards and best practices.”
To-date, Eagle Hills Diyar has launched four residential projects open to buyers on the Marassi Al Bahrain development, namely ‘Marassi Residences’, ‘Marassi Shores’, ‘The Address Residences’ and ‘Marassi Boulevard’, all of which have witnessed tremendous interest from local, regional and international investors since they were introduced into the market. All contemporary, low-rise properties with spectacular views, are distinctive in their design, structure, and facilities as well as in their prominent location which places them within walking distance from the 2km beachfront promenade, the internationally-acclaimed hotel chains ‘The Address Marassi Al Bahrain’ and ‘Vida Marassi Al Bahrain’, and the much-anticipated ‘Marassi Galleria’ which is envisioned to become a prime shopping and entertainment destination for the Kingdom of Bahrain.
The prestigious Marassi Al Bahrain urban development will offer 875,000 sqm of waterfront residential, hospitality, retail and entertainment space. Upon completion, Marassi Al Bahrain will be home to 22,000 people and will feature 5,600 residences and a total retail space of 250,000sqm, making it a noteworthy addition to the country’s real estate landscape and a significant contributor to the national economy.
According to Mr. Mohamed Al Mutaweh, CEO & board member of Al Baraka Islamic Bank: “We are delighted to demonstrate once again our active partnership with the private sector to provide financing facilities for housing projects in the Kingdom and thus facilitate housing provision to citizens and non-citizens through one of the leading housing projects Marassi Al Bahrain’s residential components, which is one of the most prestigious real estate companies in the Kingdom of Bahrain. The Bank will provide financing for those wishing to purchase a residential unit in this project on competitive terms and rates to suit different categories of customers."
Al Baraka Islamic Bank is one of leading financial institutions in the Islamic banking sector. Throughout its history of three decades since its establishment in 1984, the bank has played a prominent role in building the infrastructure of the Islamic finance industry and in promoting its merits.
Interested investors are invited to contact Marassi Al Bahrain Sales Centre on +973 7789 0020 or register their interest on www.eaglehills.com. Sales Centre opening hours are Saturdays to Thursdays from 9am-6pm.