Avenues-Bahrain: KFH-Bahrain, King Faisal Corniche ink MoU

Kuwait Finance House- Bahrain (KFH-Bahrain) and King Faisal Corniche Development Company in which Mabanee-Bahrain, a subsidiary of Mabanee-Kuwait owns 35pc of it, have signed a memorandum of understanding (MoU) subject to final approvals to offer financing of US$94 million to develop “The Avenues-Bahrain” project, located on Bahrain Bay in the Capital Manama during a period of 12 months.

Waleed Khalid Al Sherian, CEO of Mabanee and AbdulHakeem Al Khayyat, the Managing Director and CEO of KFH-Bahrain signed the MoU.

Peter Verhoeven, Group Chief Wholesale Banking at KFH Group, Senior Financial Director at Mabanee Zahed Kasmani and a number of managers from the bank and officials from Mabanee attended. 

Waleed Khalid Al Sherian said, “We chose KFH-Bahrain to finance the project based on the banks’ ability to provide outstanding Islamic financing solutions that are a perfect fit to our project. This arrangement emphasis on the banks’ confidence in the project as contributors, along with the investment guarantees.”

“The Avenues-Bahrain project is expected to boost the tourism and trade in the Kingdom, through the support it will provide for the retail industry, especially that it will provide an exquisite shopping and entertaining experience to its visitors. It will also provide many globally recognised brands and shops along with family entertaining facilities, all under one roof,” he added.

On the occasion, AbdulHakeem Al Khayyat remarked, “By signing this arrangement, KFH-Bahrain has already reached one of its goals, which are a constant strive to finance innovative projects that will support the economy of the Kingdom of Bahrain.” 

The Avenues-Bahrain project is expected to open in the first quarter of 2017. It compasses of 265,000 square meters in a strategic location with a unique view over 1.5 km with a sea view. About 38,000 square meters were assigned to commercial shops, which comes to 15pc of the total area.