Khaleeji Commercial Bank officially opens Oryx Hills main development

Khaleeji Commercial Bank (KHCB or the Bank), one of Bahrain's leading Islamic banks, announced the official opening of its Oryx Hills mock-up villas and commencement of phase 2 development plans.




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The project is an exclusive master-planned residential community which forms part of the $1bn Al Areen resort and residential development located in central Bahrain. Khaleeji Commercial Bank is managing the overall project on behalf of a number of its prominent private investors.

Initial sales interest in the project has been strong with pre-sales proceeding better then expected to date.

Oryx Hills residents will benefit from a development that has been designed to utilize the beauty of its natural location. It is situated between two valleys, the contours of the hills provide a stunning landscape setting. The development has been superbly planned to offer a tranquil setting for family living in an environment which fuses nature, Oryx Hills' surrounding wildlife, the community and modern architecture into a contemporary yet simple lifestyle setting. As a community within a community, Oryx Hill residents will also be able to take full advantage of all that Al Areen has to offer including the nearby Banyan Tree Desert Spa and Resort, Bahrain's leading water park 'The Lost Paradise of Dilmun', the Al Areen Wildlife Park, Bahrain's F1 circuit, as well as a planned retail mall in Al Areen Downtown and other leisure and recreational facilities.

Offering stunning views of the desert and looking out across a grand wadi, Oryx Hills comprises approximately 70 villas in three different types. Floor areas range from 400 to 650 square metres within a unique modern environment that combines contemporary designs with strong elements of traditional Arabian architecture. Natural materials have been extensively used in the construction of the villas, which sit within a lush and verdant landscaped environment offering pedestrian walkways and public areas for the community. A distinctive feature of Oryx Hills' layout is its natural looking appearance. Designers and architects have followed the natural contours of the land and have produced organic street patterns reminiscent of traditional Arabic cities.

Dr Faud Al Omar, Chairman of Khaleeji Commercial Bank, said, 'This is an exciting day not only for Khaleeji Commercial Bank and its clients but also for Bahrain as a whole. We have fostered a vision in this project that is built upon our belief in the dynamism of Bahrain. The rapid sales of Oryx Hills have confirmed our belief. As the economy of Bahrain develops, families increasingly want to live in a community environment that offers a tranquil setting for family life, with a modern design that reflects our heritage. We will seek to build upon the success of Oryx Hills and we are already in discussion potential partners about how we can bring our vision to new pan-regional projects that will further contribute to the economic and social development of Bahrain and the broader region.'

Mr Ebrahim H Ebrahim, CEO of Khaleeji Commercial Bank, added, 'Oryx Hills will offer a wonderful place for families to live. When we first set out on this venture with our investors, we knew we had to create a place that was a community and that was also authentic. Our designers and architects have delivered our vision incredibly well. A whole community has been created within the overall community of Al Areen. Contemporary villas based around Arabic architecture have been set in an organic way within the verdant landscaped features of Orxy Hills' valleys, offering residents a place they can truly call home. In addition, living at Oryx Hills means you can take advantage of not only the natural environment of Al Areen but also its leisure and recreational facilities such as the Banyan Tree, the water park, Al Areen Wildlife Park, the nearby F1 circuit and the planned retail mall at the Downtown precinct. Oryx Hills is an exceptional lifestyle development and we look forward to welcoming our first residents to their new homes within 18 to 20 months.'




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Khaleeji Commercial Bank (KHCB), is a Bahrain based Islamic private bank, owned by a group of regional strategic investors (60%) and its founding shareholder, Gulf Finance House (40%). It offers a comprehensive range of innovative commercial and corporate banking services, wealth management, structured investment products and project financing facilities. KHCB aims to maximize the return to its shareholders and investors through sourcing new investment and financing opportunities.

KHCB 's results in 2007 recorded a net income of BD21mn, an increase of 164% over the previous year, in addition to increasing its assets by 180% to BD269m. The return on average equity was 23.4% for 2007, following an increase in paid up capital from BD30m to BD100m.
Medilyn Manibo Posted by Medilyn Manibo, Assistant News Editor
Saturday, May 10 - 2008 at 16:45 UAE local time (GMT+4)

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This Article was updated on Thursday, July 24 - 2008
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