MANAMA: Al Daih Real Estate Development has signed a Development Law Escrow Agreement with Khaleeji Commercial Bank (KHCB).
The signing is the first step towards the launch of Diyar Al Khair, a mixed-use project.
Diyar Al Khair features residential apartments ranging in size from two, three, and four bedrooms, along with commercial and retail shops, entertainment areas, play area for children, a school and a hospital.
Under the agreement, the bank will create an escrow account that ensures the interests of investors and all parties are protected.
It will help in enhancing the confidence of both investors and end-use buyers aiming to buy units in Diyar Al Khair project, said a statement.
It is compliant with the best local and international practices in the field of property development and sales.
The agreement was signed by Al Daih Real Estate Development chairman Akram Miknas and KHCB acting chief executive Tawfeeq Al Bastaki.
Mr Miknas stated the developer’s goal was to help citizens with limited income in achieving the dream of owning homes, which he said were “priced reasonably and of superior quality”.
Mr Al Bastaki said the bank has extensive experience and manages a number of escrow accounts for multiple real estate projects that are in big demand by both investors and end-user buyers.