BBK announces Strategic Partnership with Diyar Al Muharraq
BBK, Bahrain’s pioneer in retail and commercial banking, announced today that it has signed a Memorandum of Understanding (MOU) with Diyar Al Muharraq, commencing a strategic partnership agreement, through which BBK will provide mortgage financing to the customers of the “Al Bareh” project.
Considered to be one of the most progressive urban developments in the Kingdom of Bahrain, Diyar Al Muharraq is a fully integrated modern city which includes a vast variety of residential and commercial properties, ideal for living and investment. With its wealth of real estate opportunities, comprehensively integrated in 7 islands with a total of 10 square kilometers of land and over 40 kilometers of waterfront with sandy beaches, as well as its prime location on the northern shores of Muharraq, Diyar Al Muharraq encompasses the capacity to fully meet the needs and requirements of a wide segment of society. Under the terms of the agreement, customers of “Al Bareh” project who require funding in the form of mortgage loans will be advised to consider BBK as the end user funding partner.
Announcing the strategic partnership, Mr. Reyadh Sater, BBK’s Chief Executive, said: “In our continuous efforts to provide our customers with the best services, we are pleased to enter into this strategic partnership with Diyar Al Muharraq, a reputable Real Estate company which has been in the business of developing a fully integrated model city, providing state of the art residential solutions which our customers can benefit from. In return, customers from all nationalities residing in the GCC who wish to own a property in “Al Bareh” project will enjoy excellent repayment structures at competitive interest rates and loan terms from BBK.
Dr. Maher Al Shaer, the Chief Executive of Diyar Al Muharraq, said: “Al Bareh is one of Diyar Al Muharraq's most prominent projects. It is designed to embrace a sophisticated residential community situated in a prime location on the west of the master-planned development, with both a majestic seafront view and a prime view of the main canal. The Project reflects our keenness to provide various freehold housing opportunities for both Bahraini citizens and other nationalities alike. As part of the Company's ongoing efforts to convenience prospective homeowners by facilitating the purchasing process of Al Bareh’s available villas and plots, we are delighted to have entered into this partnership with BBK to provide them with mortgage financing, and as such we look forward to the success of this venture.”
“At Diyar Al Muharraq, we seek to provide modern and spacious residential solutions that are suitable for different segments of the community. We have initiated the construction of villas built on seafront plots of two types, El Bahar 1 and El Bahar 2, while the Dareen and Es’hail models are built on the Project's inner plots. We are pleased to invite all those interested to visit us at the Diyar Al Muharraq Sales Office to know more about the different features of the plots and villas available, including their characteristics and sizes, and to learn about the different benefits to be accrued from the financing solutions provided by BBK as well” he added.
The Al Bareh seafront villas, ‘El Bahar 1’ and ‘El Bahar 2’, have plot areas that are approximately 800m²-940m² , while the inner villas plots, called ‘Dareen’ and ‘Es’hail’, are approximately 460m²-640m². All these villas incorporate the latest smart home technologies to allow end-users to seamlessly manage, control and monitor homes. Customers who are interested to own a residential property in the “Al Bareh” project are welcome to apply for a mortgage loan with BBK.