Funding will cover the construction of several key projects, developer says
Eagle Hills Diyar, the developer behind Marassi Al Bahrain, the waterfront project in Manama, has announced that it has signed an agreement with a syndicate of banks from UAE and Bahrain for $374 million, which will help finance the construction of a range of projects, including a Marassi Galleria, and Address Hotel and a Vida Hotel.
The syndicated financing underscores the banks’ confidence in the strength and success of the developments, and highlights Eagle Hill Diyar’s objective to cooperate with key GCC financial institutions, a statement said.
“The signing of this agreement with leading banks in the UAE and Bahrain is testament to the significance of our developments on a regional level. This is a step forward towards achieving Eagle Hill’s mission of becoming the global provider of quality lifestyle communities and iconic destinations,” remarked Eagle Hills CEO Low Ping after signing the deal with Eagle Hills Diyar managing director Dr Maher Al Shaer and a representative from each of the banks comprising First Abu Dhabi Bank, Emirates NBD Bank, Abu Dhabi Commercial Bank, Al Salam Bank Bahrain, Kuwait Finance House, Khaleeji Commercial Bank and First Energy Bank.
“Marassi Al Bahrain is set to fulfil a demand for more hospitality, leisure and shopping options in the Kingdom of Bahrain and become one of the kingdom’s primary tourism hubs,” he stated.
“We are pleased to enter into this agreement with some of the most elite banks from the UAE and Bahrain. The syndicated financing will support our efforts in developing Marassi Galleria, which is expected to become a major shopping and entertainment destination in the kingdom as well as Vida Hotel and Address Hotel, two world-class hotel brands,” Dr Al Shaer said.
“This move will bring us closer to the completion of some of the Kingdom’s most anticipated entertainment and residential offerings,” he added.
“Construction on site is progressing at full pace with basement works already completed and the mall envelope expected to be ready by July 2020. We also foresee that tenants will be able to commence the fit-out work of their units from Q3 2020.”
The statement added that Marassi Al Bahrain would be a key contributor to Bahrain’s national economy once complete, with the development set to be home to 22,000 people and featuring 6,000 residences and a total retail space of 245,000sqm.
The project will have a range of residential components, including Marassi Residences, Marassi Shores Residences and Marassi Boulevard, in addition to Marassi Galleria, which is a 200,000sqm shopping and entertainment destination. The development will also provide access to a 2km promenade and a 1km beach with waterfront retail outlets and a food and beverage boulevard, it added.