Kuwait Finance House - Bahrain announced that it has signed a BD18m Islamic project finance deal with Banader Hotels Co. at a signing ceremony recently held at the KFH-Bahrain Headquarters in the World Trade Center. The financing deal will provide the funding to complete the construction work at the Banader Rotana Hotel project that is located in the centre of the capital Manama.
Present at the signing ceremony were Mr. Abdulhakeem Alkhayyat, Managing Director & CEO of KFH-Bahrain, Mr. Abdulla Buhindi, the Banader Hotel Chairman, Mr. Sattam Algosaibi, Executive Manager and Head of Corporate Banking Group in KFH - Bahrain, Mr. Jehad Amin - Vice Chairman of Banader Hotels, and Mr. Abdulrahman Al Mokla - Acting General Manager for the company.
On this occasion, Mr. Abdulla Buhindi, the Banader Hotel Chairman, commented, “We chose KFH-Bahrain out of a number of other Bahraini Banks because it has unique Islamic financing solutions that suit our needs. The financial crisis affected many real estate projects in the region, where some of them ceased production due to the lack of funding. Therefore, we thank KFH-Bahrain for providing the financing for this project which confirms its confidence in the Kingdom’s economy as well as its support of the project and the shareholders behind it.”
“This funding will provide the finance to resume work on the Banader Rotana Hotel project which is conveniently located in the center of the capital Manama. It aims to provide high-end hotel services in accordance with international standards. Upon completion, the hotel will be managed and run by a specialized and well-known company,” he added.
Mr. Abdulhakeem Alkhayyat, Managing Director & CEO of KFH-Bahrain commented, “We are pleased to have been approached by Banader Hotels for this transaction; finalizing this agreement is a significant milestone for our relationship with Banader Hotel. Through its various Banking services and advocacy of growth, KFH-Bahrain targets involvement in growth initiatives which support and contribute to the economy of the Kingdom of Bahrain.”
“As it is a directive of KFH-Bahrain, the participation in such transactions from financial institutions is essential in aiding the improvement of various industry sectors in the Kingdom,” he added.
Mr. Sattam Algosaibi, Executive Manager and Head of Corporate Banking Group in KFH - Bahrain, also commented, “We are pleased to have concluded this agreement with Banader Hotels and participate in the completion of this project. This financing agreement will aim to maximize the value of the project to the benefit of all its stakeholders. In KFH-Bahrain we are always interested in partaking in financing transactions of such high caliber to contribute to the growth of businesses in the Kingdom of Bahrain.”
Banader Hotels Co. commenced work in the construction of a 28 story five-stars Hotel and furnished apartments consisting of 251 rooms which include 46 deluxe rooms and 24 private suites. The project will also incorporate other various hotel services. The Banader Rotana Hotel project is well located within the vicinity of government buildings, Bab Al Bahrain, Bahrain Financial Harbour and commercial markets.