Mubasher: Eagle Hills Diyar has signed a $374 million financing agreement with a syndicate of banks from UAE and Bahrain to finance the construction of Marassi Galleria, Address Hotel and VIDA Hotel.

“The syndicated financing underscores the banks’ confidence in the strength and success of the developments, and highlights Eagle Hill Diyar’s objective to cooperate with key GCC financial institutions,” Eagle, the developer of the Marassi Al Bahrain waterfront project, said in its statement on Sunday.

The deal was inked by Low Ping, CEO of Eagle Hills, and Maher Al Shaer, managing director of Eagle Hills Diyar, along with representatives from First Abu Dhabi Bank (FAB), Emirates NBD Bank PJSC, Abu Dhabi Commercial Bank (ADCB), Al Salam Bank Bahrain, Kuwait Finance House (KFH), Khaleeji Commercial Bank (KHCB), and First Energy Bank.

“This is a step forward towards achieving Eagle Hill’s mission of becoming the global provider of quality lifestyle communities and iconic destinations,” Ping commented on the deal.

He added that the new project is set to fulfil a demand for more hospitality, leisure, and shopping options in Bahrain, becoming one of the kingdom’s primary tourism hubs.

“The syndicated financing will support our efforts in developing Marassi Galleria, which is expected to become a major shopping and entertainment destination in the Kingdom of Bahrain, as well as VIDA Hotel and Address Hotel, two world-class hotel brands. This move will bring us closer to the completion of some of the Kingdom’s most anticipated entertainment and residential offerings,” Al Shaer said.

Marassi Al Bahrain will feature 6,000 residences and have a total retail space of 245,000 square metres, the statement added.

The project comprises a range of residential components, such as Marassi Residences, Marassi Shores Residences and Marassi Boulevard in addition to Marassi Galleria, the 200,000 sqm shopping and entertainment destination which will offer a range of entertainment facilities.