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Eagle Hills Diyar, the developer behind Bahrain’s iconic waterfront project Marassi Al Bahrain, has signed an agreement with a syndicate of banks from UAE and Bahrain for USD 374 million to finance the construction of Marassi Galleria, Address Hotel and 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.
The agreement was signed by Low Ping, CEO, Eagle Hills, Dr. Maher Al Shaer, Managing Director, Eagle Hills Diyar and a representative from each of the banks comprising First Abu Dhabi Bank, Emirates NBD Bank PJSC, Abu Dhabi Commercial Bank, Al Salam Bank Bahrain, Kuwait Finance House, Khaleeji Commercial Bank and First Energy Bank.
Commenting on the occasion, Low Ping, CEO of Eagle Hills, 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.”
Dr. Maher Al Shaer, Managing Director, Eagle Hills Diyar, said: “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. This move will bring us closer to the completion of some of the Kingdom’s most anticipated entertainment and residential offerings.”
“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 added.
Marassi Al Bahrain represents a remarkable addition to Bahrain’s real estate landscape and a key contributor to the national economy. Upon completion, the development will be home to 22,000 people, feature 6,000 residences and have a total retail space of 245,000 sqm. The unique 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 sqm shopping and entertainment destination which will offer a range of entertainment facilities. The development will also provide access to a 2 km promenade and 1 km beach with waterfront retail outlets and an F&B boulevard.
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About Marassi Al Bahrain
Marassi Al Bahrain is a distinguished urban project by Eagle Hills, a private real estate investment and development company, headquartered in Abu Dhabi, as part of a joint venture agreement with Diyar Al Muharraq, the developer of mega-project Diyar Al Muharraq.
Marassi Al Bahrain is set to be a highly distinguished urban development in the Kingdom of Bahrain, offering premium homes, high-end shopping, leisure and entertainment. An 875,000 sqm development, the Marassi Al Bahrain master plan includes 6,000 residential apartments, 245,000 sqm of retail space, and Marassi Galleria, a shopping and entertainment destination. In addition, there will be two world-class hotels The Address Marassi Al Bahrain and Vida Marassi Al Bahrain, Approximately 300 branded apartments and 270 hotel rooms, a 34,000 sqm central park with play areas for all ages, two kilometres of promenade, one kilometre of white sandy beach, and a range of restaurants and cafés.
About Eagle Hills
Eagle Hills is an Abu Dhabi-based private real estate investment and development company focused on the development of new city hubs in high-growth international markets. With a focus on developing large-scale real estate projects, Eagle Hills designs and builds mixed-use facilities. These communities draw on the latest technologies to build smart and sustainable projects that add significant value to the local economy. The company is currently developing projects in Bahrain, Jordan, Morocco, UAE, Oman, Ethiopia, Croatia, Greece and Serbia.
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