Bahrain developer Diyar Al Muharraq has secured a loan worth $366mnn with a group of local banks to fund the Deerat Al Oyoun housing project.
Al Salam Bank Bahrain, Kuwait Finance House, Bank of Bahrain and Kuwait and Al Baraka Islamic Bank of Bahrain are providing financing to fund just over half the $700mn development.
Diyar Al Muharraq will bear the responsibility for financing and constructing all units of Deerat Al Oyoun as well as the initial infrastructure and public utilities.
Located in the heart of Diyar Al Muharraq, the community will span 1.2 million square meters and will comprise an ideal residential community close to schools, shopping malls, public beaches, recreational facilities, mosques, medical facilities, and a modern transportation network.
The anticipated date for the Projects first phase completion is February 2018.