Al Baraka Islamic Bank, Sayacorp AQAR sign finance deal

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Al Baraka Islamic Bank has recently signed a strategic partnership agreement with SAYACORP AQAR, the wholly owned real estate and property development arm of SAYACORP.

The agreement aims to finance the reclamation and infrastructure works for one of SAYACORP AQAR’s projects - Sayaland, a new project in Al Sayah - Busaiteen.

The signing ceremony at Al Baraka Islamic Bank’s headquarters in Bahrain Bay was attended by Hamad A. Al Oqab - Chief Executive Officer of Al Baraka Islamic Bank, Fahad Abdulhameed Albalooshi – Chief Corporate and & Institutional Banking Officer at Al Baraka Islamic Bank and Yesor Arekat - Senior Relationship Manager.

Present from SAYACORP AQAR were Fawaz Al Jowder - Chief Executive Officer at SAYACORP AQAR, and Orabi Mohammed – Director of Project Development.

Al Oqab said the project would positively impact the real estate sector’s development and increase its returns and contributions to the economy and investment in the Kingdom.

Al Jowder said the partnership would support the finance of the reclamation and infrastructure work of the ‘Sayaland’ project.

‘Sayaland’ is one of the largest projects of SAYACORP AQAR with an area of 160,172 square meters and located in Al Sayah opposite Bahrain Bay area and the northern waterfront of the Kingdom of Bahrain.