Eagle Hills Diyar wins dual currency financing for Marassi Al Bahrain
CONSTRUCTION NEWS
Eagle Hills Diyar, one of Bahrain’s most prolific urban developers, has secured a BD130 million ($343 million) dual currency real estate financing facility, to further its ambitious goals for the development of its iconic waterfront project Marassi Al Bahrain.
Announcing this at a key ceremony held in Manama, Eagle Hills Diyar said UAE bank Mashreq had played a vital role in structuring this real estate deal, acting as the sole co-ordinator, book runner (IMLAB), investment manager, security agent, and account bank.
Mashreq Bank along with Kuwait Finance House – Bahrain mandated as lead arrangers, fully underwrote the entire facility.
Dr Maher Al Shaer represented Eagle Hills Diyar at the ceremony alongside Tarek El Nahas, the Group Head of International Banking Group at Mashreq Bank and Yousif Al Hammadi, the Acting CEO of Kuwait Finance House-Bahrain.
Earlier this year, Eagle Hills Diyar had held the official opening of the Marassi Galleria Mall, which was inaugurated by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of Bahrain.
The Mall offers an unparalleled beachfront shopping experience and sets a new standard for the retail sector not only in the Kingdom, but across the region.
Speaking on the occasion, Dr Al Shaer said: "Securing this financing with the support of Mashreq Bank and KFH-Bahrain is a major milestone for Eagle Hills Diyar. This strategic arrangement will provide us with the resources to accelerate the development of Marassi Al Bahrain."
"It will also allow us to confidently push forward with the creation of new residential offerings, leisure facilities, and experiences that will further elevate Marassi Al Bahrain’s position as a leading luxury lifestyle destination," he noted.
Alhammadi said: "At Kuwait Finance House-Bahrain, we are honoured to support Eagle Hills Diyar in the continued development of Marassi Al Bahrain. This collaboration is a testament to our commitment to fostering significant, high-impact projects that drive economic growth and enhance the quality of life in Bahrain."
"The Marassi Al Bahrain project exemplifies innovation and excellence, and we are excited to be part of its journey towards becoming a leading example of luxury living in the region," he stated.
El Nahas said: "We are proud to have partnered with Eagle Hills Diyar on this financing arrangement which will further support the company in developing a thriving and vibrant community in Diyar al Muharraq. We are hopeful that this is only the beginning of a much broader relationship with the group in the country and internationally."
"The Marassi Al Bahrain development is a visionary project and we are confident that it will continue to be a major driver of economic growth and diversification in Bahrain," he stated.
A major developer, Eagle Hills Diyar has successfully delivered a number of residential projects in Marassi Al Bahrain with several additional projects currently under construction.
These projects have set a new standard for luxury seaside living, making Marassi Al Bahrain a highly sought-after destination for both Bahrainis and expatriates.
