MANAMA: Diyar Al Muharraq, one of the leading urban developers in Bahrain, announced the signing of an agreement with Al Salam Bank-Bahrain to form a real estate development escrow model for the ‘Deerat Al Oyoun’ Social Housing Project under the Ministry of Housing’s ‘Mazaya’ Scheme.
The agreement is in accordance with Law No. 28 of 2014 and the Central Bank of Bahrain’s Resolution No. 20 of 2016 for the protection of the investors and all stakeholders in the development project, ensuring the application of the latest and best global practices.
Present at the signing ceremony were Mr. Anwar Murad, Deputy Group CEO Banking at Al Salam Bank-Bahrain, Dr. Maher Al Shaer, Chief Executive Officer of Diyar Al Muharraq, and Mr. Subhas Chandra, Chief Financial Officer of Diyar Al Muharraq.
“We are pleased to sign this agreement to establish an escrow account for the ‘Deerat Al Oyoun’ Social Housing Project with Al Salam Bank-Bahrain, with the initial cost for the first phase totaling BD 18.1 million which will be financed from the escrow account,” Dr. Maher Al Shaer, CEO of Diyar Al Muharraq, said.
“We seek to boost investor confidence through this agreement, and safeguarding the rights of clients when selling units within this project. Our efforts are focused on ensuring that the works are within the given timeframe, and contribute to improving the quality of life and living standards through the provision of sustainable housing solutions in effort to meet the housing demands of the citizens.”
“We are delighted to sign this agreement with Diyar Al Muharraq, assigning Al Salam Bank-Bahrain as the agent to establish an escrow account for the real estate development project. The escrow account comes in line with our focused efforts to offer innovative products and services towards the real estate sector in the Kingdom of Bahrain, which forms as part of our ongoing commitment towards providing pioneering Shari’a-compliant products and services tailored specifically to meet the changing needs of the citizens, the market place and the real estate sector,” Mr. Anwar Murad, Deputy Group CEO Banking at Al Salam Bank Bahrain, said.
“We are continuously seeking to facilitate the process for real estate developers and others who are pursuing licenses to carry out real estate projects that aim to strengthen the market and increase the confidence of the investors in the sector,” he added.
Located in the heart of Diyar Al Muharraq, the ‘Deerat Al Oyoun’ community will span across 1.2 million square meters and will comprise an idea residential community with integrated community service centers and green pack spaces. Its strategic location also places it in close proximity to schools, shopping malls, public beaches, recreational facilities, mosques, medical facilities, and a modern transportation network. The anticipated date for the Project’s first phase completion is February 2018.
Diyar Al Muharraq is a unique master planned city for the people of Bahrain offering a range of housing options and quality lifestyle. Diyar Al Muharraq offers a cohesive mix of residential and commercial properties with a strong lineup of projects aimed at creating a long term and sophisticated township.
