Al Baraka Bank Signs MOU with Al Saraya Properties Co. to Finance Al Reem Project Customers

Al Baraka Bank Signs MOU with Al Saraya Properties Co. to Finance Al Reem Project Customers

Al Baraka Islamic Bank BSC (c) signed a memorandum of understanding with Al Saraya Properties Co. W.L.L, whereby the Bank will provide financing facilities to customers wishing to purchase a residential unit in the Al Reem project owned by the Company either through the Social Housing Finance Scheme (SHFS) or the normal deals.

The MOU was signed on behalf of the Bank by Mr. Mohammed  Isa Al Mutaweh, CEO and Board Member and Mr. Rashid Al Alaiwi, Deputy General Manager for the Business Group, and on behalf of the Company signed by Mr. Redha Abdul Halim Mukhtar, General Manager.

Al Reem Project is one of Al Saraya’s leading residential projects and is located in the Saar area and includes various types to choose from, high end finishes with private garden, such as Al Reem 1 (Ready), 8 Villas BD 200,000, Al Reem 2 (under Construction), 80 Villas starting from BD148,000, Al Reem 3 (under Construction), 26 Villas starting from BD120,000.

On this occasion, Mr. Mohammed Al Mutaweh said: "We are delighted to demonstrate once again our active partnership with the private sector and the Ministry of Housing to provide financing facilities for housing projects in our Kingdom and thus provide housing units to citizens through one of the leading housing projects implemented by Al Saraya Properties Co., which is one of the most prestigious real estate companies in the Kingdom of Bahrain. The Bank will provide financing for those wishing to purchase a residential unit in this project on competitive terms and rates to suit different categories of customers."

Al Saraya Properties Co. W.L.L was established in 1999 and is engaged in the   development of land and construction of properties with a view to selling, acting as a contractor for building residential properties, buying and selling of land and property development, management, maintenance and leasing business. Al Saraya is a well-known name in the Kingdom of Bahrain Real Estate Sector and has established itself as a trustworthy brand in residential buildings such as Villas, Chalets, Apartments etc. The value of the projects it has undertaken till date amounts to BD 213 million which includes 1628 residential units of various design and specifications. AL MARSA FLOATING CITY project is the flagship project for the company, which consists of 360 residential units in the first ever man made islands – AMWAJ ISLANDS, Bahrain.

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