"The key objective of the agreement is to expand the scope of financing providers to avail the opportunity for a larger number of nationals and residents in Bahrain to own houses in this landmark project. We are very pleased to be associated with Reef as a key mortgage finance provider. Reef has marked itself as a recognizable addition to the real estate finance market; bringing financing to clients in a flexible, efficient, and competitive manner. Their dedication to ensuring the highest levels of customer service are exactly suited to our orientation for quality and value." said Mr Jassim Al Jowder, CEO of Durrat Al Bahrain.
Commenting on this occasion Dr. Khalid Abdulla, CEO of Reef hailed the agreement, highlighting the important contribution of Durrat Al Bahrain to the development of residential projects in the kingdom of Bahrain. He further pointed out that the signing cements Reef's dedication to creating strategic alliances that provide a wider array of property choices to customers. Reef is also planning to expand and diversify its activities in areas of mortgage finance.
Reef is the second financial institution after the Kuwait Finance House - Bahrain to provide mortgage finance to clients of Durrat Al Bahrain. As a dedicated mortgage finance company, Reef enjoys a sound reputation for customer service and agility among banks and financial institutions in the Kingdom.
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Reef agrees to finance purchase of Durrat's Villas
- Bahrain: Sunday, July 01 - 2007 at 16:42
- PRESS RELEASE
Durrat Al Bahrain, the Kingdom's largest planned luxury residential, commercial and resort development, recently signed an agreement with Reef - Real Estate Finance Company to provide Shariah compliant mortgage finance to Durrat customers.
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About Durrat Al BahrainDurrat Al Bahrain is owned by the Durrat Khaleej Al Bahrain Company, in which the Government of the Kingdom of Bahrain and Kuwait Finance House - Bahrain each hold a 50 percent stake. Durrat Al Bahrain, a 21 kmē area of pristine waters and untouched beaches, once complete, is expected to be approximately the size of Manama, Bahrain's capital city.
Durrat Al Bahrain has been planned as a world-class residential, commercial and tourist destination, offering a unique island based urban lifestyle. Upon completion by 2010 it is expected that there will be more than 60,000 permanent residents as well as some 4,500 visitors a day. When complete, Durrat Al Bahrain will offer 11 islands of luxury residential villas, iconic architecture in the commercial crescent and a five-star hotel located on a central island. Sun, sea beaches and lush gardens will join exclusive shopping and a sophisticated night life with plenty to entertain all the family. Residents, businesses and visitors will not only be able to live island lifestyles, but they will also benefit from an 18 hole championship golf course designed by Ernie Els, the world-renowned golf champion. The golf course will comprise a challenging course, a club house, a driving range, a hotel complex and 1400 stylishly designed luxury residential villas and apartments arranged around landscaped waterways. Durrat Al Bahrain will also offer one of the region's leading marinas covering 600,000 m, offering 400 berths in a stunning location.
The master planner/architects of the project are W.S. Atkins, the renowned engineering design and consultancy, and project/development manager is KMC Bovis, a joint venture between the Kuwaiti Manager Company and Bovis Lend Lease.
Media Contact:
Nabeela Mohammed, Financial Dynamics
Tel: +973 17 537 072
Fax: +973 17 534 620
Posted by Lara Lynn Golden, News EditorSunday, July 01 - 2007 at 16:42 UAE local time (GMT+4)
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