Eagle Hills Diyar, the developer of Bahrain’s iconic waterfront project Marassi Al Bahrain, said it has signed an agreement with a syndicate of banks from UAE and Bahrain for $374 million to finance the construction of Marassi Galleria, Address Hotel and Vida Hotel.
The syndicated financing underscores the banks’ confidence in the strength and success of the developments and highlights Eagle Hill Diyar’s objective to cooperate with key GCC financial institutions.
“The signing of this agreement with leading banks in the UAE and Bahrain is a testament to the significance of our developments on a regional level. This is a step forward towards achieving Eagle Hill’s mission of becoming the global provider of quality lifestyle communities and iconic destinations,” remarked Eagle Hills CEO Low Ping after signing the deal with Eagle Hills Diyar managing director Dr Maher Al Shaer and a representative from each of the banks comprising First Abu Dhabi Bank, Emirates NBD Bank, Abu Dhabi Commercial Bank, Al Salam Bank Bahrain, Kuwait Finance House, Khaleeji Commercial Bank and First Energy Bank.
“Marassi Al Bahrain is set to fulfill a demand for more hospitality, leisure and shopping options in the Kingdom of Bahrain and become one of the kingdom’s primary tourism hubs,” he stated.
Dr. Al Shaer said: “We are pleased to enter into this agreement with some of the most elite banks from the UAE and Bahrain. The syndicated financing will support our efforts in developing Marassi Galleria, which is expected to become a major shopping and entertainment destination in the kingdom as well as Vida Hotel and Address Hotel, two world-class hotel brands.”
“This move will bring us closer to the completion of some of the Kingdom’s most anticipated entertainment and residential offerings,” he stated.
“Construction on site is progressing at full pace with basement works already completed and the mall envelope expected to be ready by July 2020. We also foresee that tenants will be able to commence the fit-out work of their units from Q3 2020,” he added.
Marassi Al Bahrain represents a remarkable addition to Bahrain’s real estate landscape and a key contributor to the national economy. Upon completion, the development will be home to 22,000 people, feature 6,000 residences and have a total retail space of 245,000 sqm, said the statement from Eagle Hills Diyar.
The unique project comprises a range of residential components, such as Marassi Residences, Marassi Shores Residences, and Marassi Boulevard in addition to Marassi Galleria, the 200,000 sqm shopping and entertainment destination which will offer a range of entertainment facilities, it stated.
The development will also provide access to a 2 km promenade and 1 km beach with waterfront retail outlets and a food and beverage (F&B) boulevard, it added.
TradeArabia News Service