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| Source: KFH-Bahrain. The signing ceremony was graced by Waleed Khalid Al Sherian, CEO of Mabanee (left, foreground), and AbdulHakeem Al Khayyat, the Managing Director and CEO of KFH-Bahrain (right, foreground). Peter Verhoeven, Group Chief Wholesale Banking at KFH Group (right) and Senior Financial Director at Mabanee Zahed Kasmani witnessed the ceremony. |
Kuwait Finance House-Bahrain (KFH-Bahrain) and King Faisal Corniche Development Company have signed a memorandum of understanding (MoU) subject to final approvals to offer financing of US$94 million to preform and develop The Avenues-Bahrain Project, located on Bahrain Bay in the Capital Manama, Bahrain, for 12 months.
Waleed Khalid Al Sherian, CEO of Mabanee Company, whose Mabanee-Bahrain subsidiary owns 35% of the project commented, “We chose KFH-Bahrain to finance the project based on the bank’s ability to provide outstanding Islamic financing solutions that are a perfect fit to our project.. This arrangement emphasises on the bank’s confidence in the project as contributors, along with the investment guarantees.”
Al-Sherian added that The Avenues-Bahrain Project will provide both name-brand shopping and family entertainment.
AbdulHakeem Al Khayyat, Managing Director and CEO of KFH-Bahrain said, "By signing this arrangement, KFH-Bahrain has already reached one of its goals which is to constantly strive to finance new innovative projects that will support the economy of the Kingdom of Bahrain."
The 265,000 sq ft Avenues-Bahrain is expected to open in Q117. Fifteen percent of the area has been assigned to retail, with the rest for family entertainment and a public park.