Mashreq and First Bahrain Real Estate Development Company have announced the signing of a long-term agreement for a $33 million senior secured Islamic finance facility, with an emphasis on lease rental discounting.
The alliance is set to solidify a strategic partnership aimed at supporting the robust real estate operations of First Bahrain.
Founded in Kuwait, First Bahrain has been operating in Bahrain since 2007 as a Sharia-compliant real estate developer.
Since that time, the company has built a well-diversified portfolio of income generating properties across a range of asset classes from commercial to residential and industrial.
The latest projects have been delivered in the Seef area, featuring the widely acclaimed El Balcón Mall and Jarir Bookstore, adding on to its prior successes with El Mercado Village in Janabiya and the Majaal industrial facilities complex at the Bahrain Investment Wharf.
Ahmed Dayyat, country head of Mashreq Bahrain, said, “We are delighted to embark on this journey with First Bahrain, a company that continues to set benchmarks with its robust growth and successful projects. This partnership further underscores Mashreq’s commitment to support thriving businesses and contribute to the region’s socio-economic growth. Our involvement in the arrangements is not merely about offering a financial solution; it is about facilitating success and propelling growth. We are eager to leverage our innovative banking technology and offer our unwavering support as First Bahrain continues to expand its portfolio.”
Omar Al Temiemy, chief executive of First Bahrain, added, “We are most pleased to have Mashreq’s support for this new chapter in First Bahrain’s growth and development.
Across this past year, the global costs of finance have risen dramatically. At the same time, First Bahrain has reduced its risk profile with the completion and successful leasing of its projects, including the El Balcón Mall and Jarir Bookstore. The new agreement will mitigate our risks in this environment of rising interest rates and reduce our overall cash flows.
Throughout the process, we express our thanks to Mashreq for their support and professionalism through the process of negotiating and executing the agreements. We are particularly impressed with their banking technology and the new online features we will be using to manage cash flows.
We are grateful to have Mashreq as our trusted partner to support our company with its future endeavour.”
First Bahrain’s principal shareholders include prominent Kuwaiti investors including Kamco Invest, Action Group Holdings, and Wafra International Investment Company.
This strategic partnership signifies a new era of growth and development in the real estate landscape.
&uuid=(email))