BIZ BAHRAIN JAN-FEB 2020_compressed

Real Estate
Second phase of
Avenues project
Work on the second phase
of the Avenues project
will start in the first quarter of
2020, which is expected to be
complete in 2022.
An agreement was
signed to start work on the
development scheme. Works,
Municipalities Affairs and
Urban Planning Minister
Essam bin Abdulla Khalaf
sealed the deal with Avenues
Company board member,
Al-Mabanee Chief Executive
Officer Waleed Khalid Al-
Sharian.
The lease term extends
to 60 years under a contract
which amounts to BD
40,000,000. The second phase
of Avenues Bahrain will add a
leasable area of 40,000 square
meters, in addition to 38,000
square meters of rental space
in the first phase of Avenues
Bahrain.
Bin Faqeeh partnered with AIB to
finance Alsidra customers
Housing loans
for Mazaya
scheme
Eskan Bank in partnership
with National Bank of
Bahrain (NBB) is to provide
housing loans for Mazaya
Scheme beneficiaries.
The agreement was
signed by Dr. Khalid Abdulla,
General Manager of Eskan
Bank, and Jean-Christophe
Durand, CEO of NBB to fund
citizens wishing to purchase
housing units under the
Mazaya scheme, formerly
known as the Social Housing
Financing Scheme.
In order to be eligible
for the Mazaya Scheme, it
is required procedural and
legal requirements, as well
as the eligibility criteria
for funding are met. This
includes providing the
necessary documents and
financial data, as well as
ensuring the availability
of financial solvency with
the beneficiary to ensure
repayment of funding. NBB’s
Mazaya scheme features a
flexible repayment period of
up to 25 years.”
Developments of Jeewan residential
project
Bin Faqeeh Real Estate
Investment Company S.P.C.
signed agreement with Al
Baraka Islamic Bank (AIB) to
provide financing to potential
customers wishing to purchase
a villa in Alsidra residential
project.
The signing ceremony
was held at Al Baraka Islamic
Bank headquarters in Bahrain
Bay in the presence of Mr.
Faisal Faqeeh, Chairman of Bin
Faqeeh Real Estate Investment
Company S.P.C., and Mr. Tariq
Kazim, the General Manager
– Business Group of Al Baraka
Islamic Bank -Bahrain.
Faisal Faqeeh, Chairman
of Bin Faqeeh said: “Under
this agreement, our customers
will receive various services
provided by the bank, in
addition to receiving special
financing at competitive
rates suitable for different
categories."
Tariq Kazim, General
Manager - Business Group of
Al Baraka Islamic Bank said, "
Through this initiative, we aim
to provide Alsidra customers
with the opportunity to
benefit from the bank's real
estate solutions by providing
financing services tailored to
their needs.”
Alsidra is the first gated
residential complex located at
Diyar Al Muharraq, comprising
452 luxury villas of varying
designs and capacities. The
project offers an attractive
environment for families by
offering different types of villas,
ranging from two-bedroom
villas to five- bedrooms, each
villa is designed either by
modern or a modern version
of traditional designs between
Bahraini architecture and
modern Moroccan.
Diyar Al Muharraq
announced the
completion rates of phases
one and two in the Jeewan
residential project are ahead
of schedule.
Development of phase
one of Jeewan has reached
an astonishing 51% and the
development of the second
stage has reached a total of
38%. The company continues
with construction and
finishing works precisely,
paying attention to their
completion with accordance
to the set time plan for
the project. The project is
scheduled for completion by
the end of this year followed
by preparations to begin
handing over the villas to
their owners.
Development of phase
one of the project began on
November 1, 2018 and phase
two on April 15, 2019. The
project offers 173 villas in
the first phase and 119 villas
in the second stage, offering
Mazaya beneficiaries the
chance to obtain their dream
home. Upon completion, the
project will add to the overall
urban diversity in Diyar Al
Muharraq, in addition to
strengthening the community
surrounding the city.
40 January-February 2020