$32m fillip for Diyar Al Muharraq’s Dragon City
Diyar Al Muharraq yesterday announced the signing of a corporate agreement for the part financing of Dragon City development to the amount of $32 million with Al Salam Bank.
Chairman of Diyar Al Muharraq, Abdulhakeem Alkhayyat and Director and Group Chief Executive Officer of Al Salam Bank-Bahrain, Yousif Abdulla Taqi signed the deal at a ceremony held at Dragon Mall in Dragon City, on Thursday in the presence of several other officials.
In attendance at the signing ceremony from Al Salam Bank were Group Deputy CEO-Banking Dr. Anwar Al Sadah, Head of Corporate Banking Arif Mohammed Janahi, Head of Retail Banking Group Abdulkarim Turki and Head of Private Banking Anwar Mohammed Murad. From Diyar Al Muharraq were Managing Director Aaref Hejres and Chief Executive Officer of Diyar Al Muharraq, Dr. Maher Al Shaer, in addition to high-level officials from both sides.
With Dragon City having been developed with a total project cost of $100 million, the terms of credit facility agreement entails that Al Salam Bank-Bahrain will provide finance to fund $32m of that amount.
Elaborating on the deal, Alkhayyat said: “With Dragon City set to start operating in full capacity before the end of the year, we are confident that our calculated and well-thought out decision will reap many benefits.”
Group Chief Executive Officer of Al Salam Bank, Taqi, said: “Once completed, Diyar Al Muharraq will be the pinnacle of Bahraini progress in the Real Estate and Property Development Industry and we are extremely delighted to be part financing Dragon City, which is envisioned to be one of the anchors of the master- planned project.”
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