Mubasher TV
Contact Us Advertising   العربية

Diyar Al Muharraq signs $366m finance deal

Diyar Al Muharraq signs $366m finance deal
The deal aims to provide financial liquidity to develop ‘Deerat Al Oyoun’ project (Photo Credit: Arabianeye-Reuters)
Al Salam Bank
SALAM
-3.51% 0.22 -0.01
Al Salam International
SIIS
0.00% 0.63 0.00
KFH
KFH
-0.37% 800.00 -3.00

BBK
BBK
0.19% 0.54 0.00
Al Baraka
BARKA
-6.90% 0.27 -0.02

Mubasher: Diyar Al Muharraq signed a Murabaha deal worth $366 million with a group of local banks including Al Salam Bank – Bahrain, Kuwait Finance House, Bank of Bahrain and Kuwait, and Al Baraka Islamic Bank of Bahrain, according to a bourse statement.

The deal aims to finance the development of ‘Deerat Al Oyoun’ social housing project.

The participating banks will fund the project "in the form of partial funding, which approximately costs $700 million".

Diyar Al Muharraq will bear the responsibility for financing and constructing all of the project's units of the project, as well as the initial infrastructure and public utilities.