KFH Signed a $94 Million Deal

By Farishta Saeed Manama, Feb. 15 (BNA): Kuwait Finance House's (KFH) Bahraini unit has signed a deal with King Faisal Corniche Development Company to provide $94 million finance for its upcoming Bahrain Avenues Mall. The project, a major retail and tourism destination, is being developed by King Faisal Corniche Development Company on a 265,000sqm area at Bahrain Bay in Manama. A first-of-its-kind project in Bahrain in terms of its designs and varied activities, the Avenues-Bahrain is likely to be completed within a period of 12 months. The agreement was signed by KFH-Bahrain managing director and chief executive Abdul Hakeem Al Khayyat and Mabanee Company chief executive Waleed Al Sherian. Mabanee Company is a subsidiary of Kuwaiti developer Mabanee, which has a 35 per cent stake in the company. Al Sherian said: "We chose KFH-Bahrain to finance the project based on the bank's ability to provide outstanding Islamic financing solutions that are a perfect fit to our project. It is our pleasure to have KFH-Bahrain as our financial partner in completing this project. The project is expected to boost tourism and trade in the kingdom, through the support it will provide for the retail industry, especially the exquisite shopping and entertaining experience for the visitors. It will also provide many global recognised brands and shops along with family entertaining facilities, all under one roof." Al Khayyat said: "By signing this deal, KFH-Bahrain has already reached one of its goals of financing new innovative projects that will support the economy of Bahrain and will contribute in boosting it." The Avenues-Bahrain will contribute in reviving tourism and trade in the kingdom. It will provide several commercial shops on a 38,000sqm area and boast key entertainment facilities including a children's arcade, cinema theatres, elegant restaurants and cafes along with a spacious public park with access to the water view." Number of readings : 545 Last updated : 11 : 56 AM - 15/02/2016