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Wednesday , October 16 2019

KFH major contributor in Bahrain projects – Strategy targets development, coordination among Group banks: Al-Nafisi

Al Nafisi and Al-Nahedh during the inaugural ceremony of Marassi Al Bahrain.
Al Nafisi and Al-Nahedh during the inaugural ceremony of Marassi Al Bahrain.

KUWAIT CITY, Jan 18: Vice Chairman at Kuwait Finance House (KFH), Abdulaziz Yaqoub Al-Nafisi stressed the importance of international investment and creating further integration in KFH-Group banks in the framework of the coordination that targets boosting development according to a unified vision that prioritizes development and recognizes the value of public-private partnerships and international investment, yet contributes in diversifying non-oil sectors to boost the economy.

On the sideline of his participation in the inauguration ceremony of Marassi Al Bahrain project, one of Diyar Al Muharraq projects, a subsidiary of KFH-Bahrain, that was held in the presence of the Crown Prince of Bahrain Prince Salman bin Hamad Al Khalifa, and KFH-Group CEO- Mazin Saad Al-Nahedh, Al-Nafisi praised the project that was a joint effort between the real estate investment and development company, Eagle Hills, in partnership with Diyar Al Muharraq. He indicated that KFH’s strategy targets development, and boosting coordination among Group Banks, yet bolstering partnership with public and private sectors and investing in mega projects and infrastructure. KFH contributes in strengthening the capacity of the economy in a bid to overcome all obstacles while tapping into the investment opportunities in the Kingdom of Bahrain, mainly the investment in mega projects and infrastructure.

He underlined the importance of the project as it encompasses several residential and commercial options, not to mention the variety of utilities and services. He went on to say that the project will provide steady flow of income for investors and will comprise a major destination for tourists in Bahrain.

Meanwhile, KFH-Group CEO, Mazin Saad Al-Nahedh, said that KFH is eyed as a major contributor in the development projects in Bahrain. KFH plays a significant role in boosting the economy as “Marassi Al Bahrain” project will contribute in creating job opportunities, and will attract foreign and domestic investors. Also, the project revitalizes the market of works and construction, improves tourism and commerce in the country, and diversifies investment opportunities. It consolidates Bahrain status as one of the strongest economies in the region and a fertile environment for investors.

He explained that Marassi Al Bahrain project will involve an investment of USD 3 billion, and it will be implemented in 3 phases. Once it is fully built out, Marassi Al Bahrain is to have 5,600 residential units and 4 hotels. The development of the first phase projected to cost USD 1.2 bln, including Marassi Galleria –shopping complex and luxury hotels from The Address Hotels and Resorts and Vida Hotels and Resorts groups. Early development work on Marassi Residences has begun, and construction work is expected to be completed by 2019. The first phase includes building 500 apartments, of which 143 apartments in Vida hotel and 130 in Address residence hotels.

It is worth noting that the event was attended by KFH-Bahrain CEO, Abdulhakeem Alkhayat, Kuwait’s Ambassador to Bahrain, Sheikh Azzam Al-Sabah, Dr Maher Al Shaer, CEO of Diyar Al Muharraq and managing director of Marassi Al Bahrain, Mohammed Alabbar, board member of Eagle Hills, and a huge number of officials, investors and businessmen.

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