BizBahrain November 2016

Highlights | Real Estate
Diyar Al Muharrag
Signs Agreement with Al
Salam Bank-Bahrain
Diyar Al Muharraq, one of the leading
urban developers in Bahrain, signed
an agreement with Al Salam Bank-
Bahrain to form a real estate development
escrow model for the ‘Deerat Al Oyoun’
Social Housing Project under the Ministry
of Housing’s ‘Mazaya’ Scheme. The
agreement is in accordance with Law
No. 28 of 2014 and the Central Bank of
Bahrain’s Resolution No. 20 of 2016 for
the protection of the investors and all
Waterfront Development
Project to be displayed
Eagle Hills Diyar, a private real estate
investment and development
company based in Bahrain, showcased
one of Bahrain’s key real estate
developments, Marassi Al Bahrain, at the
Jumeirah Messilah Beach Hotel in Kuwait
from 17 to 19 October. The exclusive
exhibit, located in the Dewan 2 private
meeting room, gave Kuwaiti nationals
and visitors a preview of the exquisite
residential opportunities available within
Marassi Residences and Marassi Shores
Residences, at the 875,000 square metre
waterfront destination, which is located
on the northern shores of the masterdevelopment
Diyar Al Muharraq.
Dr. Maher Al Shaer, Managing Director
of Eagle Hills Diyar, said: “Marassi Al
Bahrain will rival international waterfront
destinations with its lush green gardens,
ocean-facing residences, and two worldclass
hotels. Its location in Bahrain is an
added attraction because the Kingdom
remains a quick and popular getaway
for visitors from Kuwait, Qatar and the
Kingdom of Saudi Arabia. This masterplanned
waterfront development is
stakeholders in the development project,
ensuring the application of the latest and
best global practices.
Present at the signing ceremony were
Mr. Anwar Murad, Deputy Group CEO -
Banking at Al Salam Bank-Bahrain, Dr.
Maher Al Shaer, Chief Executive Officer
of Diyar Al Muharraq, and Mr. Subhas
Chandra, Chief Financial Officer of Diyar
Al Muharraq.
Commenting on the agreement, Dr.
Maher Al Shaer, CEO of Diyar Al Muharraq
said: “We are pleased to sign this
agreement to establish an escrow account
for the ‘Deerat Al Oyoun’ Social Housing
Project with Al Salam Bank-Bahrain, with
the initial cost for the first phase totaling
BD 18.1 million which will be financed
from the escrow account.”
Located in the heart of Diyar
Al Muharraq, the ‘Deerat Al Oyoun’
community will span across 1.2 million
square meters and will comprise an idea
residential community with integrated
community service centers and green
pack spaces.
especially appealing to families due to its
unique mix of outdoor activities, shopping,
dining, and entertainment.”
The Marassi Al Bahrain master plan
includes several residential projects, such
as the announced Marassi Residences
and Marassi Shores Residences, as well as
the iconic Marassi Galleria, a 178,000sqm
high-end lifestyle and shopping
destination, which will feature a range of
entertainment and dining options, lush
gardens, and shaded walkways. Eagle Hills
Diyar recently announced the award of its
contract for major piling works on Marassi
Galleria to German ground-engineering
firm Keller Grundbau GmbH. The piling
contract milestone marks the beginning
of construction on the Marassi Al Bahrain
site as planned, with the project on track
for delivering a unique master-planned
urban development, offering unique
waterfront residential, hospitality, retail
and entertainment space.
New Mosque at Diyar Al
Muharraq
The Sunni Endowments Council
Chairman, Shaikh Dr. Rashid
bin Mohammed Al Hajeri, recently
inaugurated the ‘Noor Mosque’ located in
Diyar Homes, Diyar Al Muharraq, in the
presence of the Chairman, Abdulhakeem
Al Khayat, along with board members,
government officials and residents of
Diyar Homes.
The inauguration started with
a recitation from the Holy Quran
followed by a speech delivered by
Shaikh Dr. Rashid Al Hajeri in which
he congratulated the residents of Diyar
Al Muharraq on the opening of the new
mosque.
“Mosques play a vital role in
educating the community and
spreading the core values. Today’s
opening marks another achievement
by Diyar Al Muharraq and all parties
that have supported and donated to the
development of the mosque,” he added.
Furthermore, the Chairman of Diyar
Al Muharraq, Abdulhakeem Al Khayat,
said: “Mosques play an integral part in
the daily lives of the community and
the people of Bahrain. Our aim is to
include mosques in all our projects in
order to meet the basic needs of the
project’s residents. Diyar Al Muharraq
has built this mosque based on the
highest standards. It also includes a
multi-purpose hall that can be used by
residents.”
Al Khayat also thanked all parties
who have supported the Noor Mosque
project including the financial
contributors to the project.
“Diyar Al Muharraq’s strategy
focuses on allocating ample spaces
to houses services and organizations
that will enrich the lives of residents
including local business and play areas
for children,” he added.
64 November 2016