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Wed 8 May 2019 02:06 PM

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Developer secures $374m financing for Bahrain mega project

Eagle Hills Diyar, the developer behind Bahrain's Marassi Al Bahrain, has signed an agreement with a syndicate of banks from the UAE and Bahrain

Developer secures $374m financing for Bahrain mega project
Marassi Al Bahrain, upon completion, will be home to 22,000 people, and will feature 6,000 residences and have a total retail space of 245,000 sq m.

Eagle Hills Diyar, the developer behind Bahrain’s iconic waterfront project Marassi Al Bahrain, has signed an agreement with a syndicate of banks from the UAE and Bahrain for $374 million.

The funds will be used to finance the construction of Marassi Galleria, Address Hotel and Vida Hotel, the company said in a statement.

The agreement was signed by Low Ping, CEO, Eagle Hills, Dr Maher Al Shaer, managing director, Eagle Hills Diyar and a representative from 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.

Ping 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.

"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.”

Al Shaer added: “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 of Bahrain, as well as Vida Hotel and Address Hotel, two world-class hotel brands.”

He said 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,” he said.

Marassi Al Bahrain, upon completion, will be home to 22,000 people, and will feature 6,000 residences and have a total retail space of 245,000 sq m. The project comprises a range of residential components, such as Marassi Residences, Marassi Shores Residences and Marassi Boulevard in addition to Marassi Galleria, the 200,000 sq m shopping and entertainment destination.

The development will also provide access to a 2km promenade and 1km beach with waterfront retail outlets and an F&B boulevard.

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