By Staff writer
Islamic lender is behind $730m Deerat Aloyoun project which will form part of the Diyar Al Muharraq development
Kuwait Finance House (KFH), the country's biggest Islamic lender, has announced that construction of more than 3,000 homes has started in a major project it is financing in Bahrain.
Hamad Abdulmohsen Al-Marzouq, chairman of KFH and KFH-Bahrain, said the company was keen to support projects such as Deerat Aloyoun, part of Diyar Al Muharraq.
"Such projects will be constructed to the highest specifications to include wide range of integrated services, infrastructure, a transport network, mosques, electricity and water, commercial and entertaining facilities, in addition to educational institutions," he said in a statement.
He added during the groundbreaking ceremony for the Deerat Aloyoun project that it will comprise 3,100 residential units built on a land area of 1.2 million square metres and is valued at more than $730 million.
Construction is expected to be completed by the end of 2017.
The project is set to reduce the pressure on housing demand in Bahrain which has seen the widening of the gap between supply and demand.
Chairman of Diyar Al Muharraq, Abdul Hakeem Al Khayat, added: "The realisation of this ambitious project will undoubtedly fuel future collaboration between the public and private sectors which is crucial in supporting the Ministry of Housing in its mandate to further increase the availability of housing and facilitate accessibility of quality residences for Bahraini families."
In April, KFH reported a 14 percent rise in first-quarter net profit as the country's biggest Islamic lender set aside less cash for bad loans and recorded lower expenses.