Kuwait: Kuwait Finance House (KFH), the Bahraini branch, and King Faisal Corniche Development Company on Saturday signed a Memorandum of Understanding (MoU) worth $94 million to finance the Bahrain Avenues Mall.
The memo was inked by the company's CEO Walid Khaled Al-Shariyan and CEO of Kuwait Finance House Abdul Hakim Al-Khayat.
In a press statement, Al-Shariyan said the sum is allocated for financing the 265,000-sqm Avenues Mall, which is the first of its kind in the Kingdom in terms of its designs and varied activities.
He said that the project will contribute in reviving tourism and trade inside Bahrain.
It will provide several commercial shops and entertainment places for families under one roof, he said, noting that the project will be completed within a year.
KFH was chosen for financing the project as it provides ‘distinguished’ solutions of Islamic finance which is compatible with the project in question, he added.
Meanwhile, Al-Khayat expressed his delight about providing financial services for establishing the project, saying that under the memo, KFH will fund new projects which support the Kingdom's economy.