Signing of Marassi Al Bahrain financing deal/Supplied
The managing director of Eagle Hills Diyar said that the syndicated financing will support the developer’s efforts in developing Marassi Galleria, which is expected to become a major shopping and entertainment destination in Bahrain.
Tuesday 07, May 2019 BY KUDAKWASHE MUZORIWA
Bahrain-based Eagle Hills Diyar has signed a $374 million financing agreement with a syndicate of UAE and Bahrain to construct Marassi Galleria, Address Hotel and VIDA Hotel.
The financing deal was signed with First Abu Dhabi Bank (FAB), Emirates NBD Bank, Abu Dhabi Commercial Bank as well as Al Salam Bank Bahrain, Kuwait Finance House (KFH), Khaleeji Commercial Bank and First Energy Bank.
Low Ping, the CEO of Eagle Hills, said, “The signing of this agreement with leading banks in the UAE and Bahrain is a testament to the significance of our developments on a regional level.”
Marassi Al Bahrain is set to be home to 22,000 people upon completion, feature 6,000 residences and have a total retail space of 245,000 sqm.
Additionally, the project comprises a range of residential components in addition to Marassi Galleria, the 200,000 sqm shopping and entertainment destination which will offer a range of entertainment facilities.