KFH-Bahrain finances construction of 3,000 residential units projects – Bank supports development projects, economic growth in Bahrain: Al-Marzouq

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KUWAIT CITY, June 20: “Kuwait Finance House (KFH) supports the initiatives that meant to attract innovative projects, boost the economy in the Kingdom of Bahrain and contribute in offering ideal housing to the Bahraini citizens. Such projects will be constructed to the highest specifications to include wide range of integrated services, infrastructure, a transport network, mosques, electricity and water, commercial and entertaining facilities, in addition to educational institutions”, said Chairman of KFH and KFH-Bahrain, Hamad Abdulmohsen Al-Marzouq.

He added, during the groundbreaking ceremony that was hosted to mark the start of construction for the new ‘Deerat Aloyoun and the inauguration of Mazaya program under the patronage of the Deputy Prime Minister and Chairman of the Ministerial Committee for Construction and Infrastructure, Sheikh Khalid bin Abdulla Al Khalifa, in the presence of the Minister of Housing Basim Al Hamer and number of CEOs and top Ministry officials and respected VIP guests, that the remarkable keenness of the Kingdom of Bahrain to support the residential projects and offer services to its citizens reflects positively on the Bahraini individuals, while increases the chances of financing from banks and financial institutions.

Al-Marzouq said that the Deerat Aloyoun is located in Diyar Al Muharraq that will undertake all construction works for the project, indicating that KFH-Bahrain is a key shareholder in the Diyar Al Muharraq project along with other local participating banks. Diyar Al Muharraq is among the projects undertaken by private sector in favor of the Ministry of Housing which comes as part of the partnership between banks, real estate development companies and the Ministry of Housing as part of Mazaya program.

The ‘Deerat Aloyoun’ community will comprise 3,100 residential units built on a land area of 1.2 million square meters on the South side of Diyar Al Muharraq as per the agreement signed by the Kingdom of Bahrain represented by the Ministry of Housing and Dyar Almuharraq of a value over $730 mln. It is worth noting that the foundation stone laying ceremony marks the start of construction for the new project, and the anticipated date for the Project’s completion is the end 2017.

Meanwhile, Sheikh Khalid bin Abdulla Al Khalifa said “the Kingdom of Bahrain has gone through different circumstances, primarily the widening of the gap between supply and demand which resulted in more pressure on the waiting list of the residential units”. He added that such circumstances comprised an impetus for further development, yet necessitates seeking innovative and unprecedented solutions for continuing the service. This required revising the policies and criteria to encompass wider base of citizens.

Speaking on this significant occasion, the Chairman of Diyar Al Muharraq, Abdul Hakeem Al Khayat said: “Diyar al Muharraq is proud to be playing an integral part in supporting the efforts of the Ministry of Housing in its quest to continuously improve Bahrain’s social housing provisions. The realization of this ambitious Project will undoubtedly fuel future collaboration between the public and private sectors which is crucial in supporting the Ministry of Housing in its mandate to further increase the availability of housing and facilitate accessibility of quality residences for Bahraini families.”

He said that this initiative comes in conjunction with Diyar al Muharraq’s endeavors to offer developed residential community that meet citizens ambitions.

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