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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.