GFH Real Estate appoints kHCB as ESCROW agent for Harbour Row project

Press release

Published November 6th, 2016 - 06:03 GMT

During the event

GFH Real Estate (GFHRE), the real estate arm of the GFH Financial Group, today announced that it has signed an ESCROW agreement with Khaleeji Commercial Bank (KHCB) for its Harbour Row project.

The agreement appoints KHCB as the project’s ESCROW agent in line with the new regulations in the Kingdom of Bahrain (Law No. 28 of 2014) aimed at implementing global standard practices for real estate development and sales and targeting the preservation of buyers and all project stakeholders for our newly launched Harbour Row Project.

The Harbour Row Project, which is part of the larger development Bahrain Financial Harbour in Manama, is a prime waterfront development which will comprise six buildings in total and 450 residential units supported by full leisure and commercial facilities and an active promenade extending over around 1 km.

Commenting, Mr. Majed Al-Khan, CEO of GFHRE, said, “Today we announce an important milestone in the progress that we continue to make towards our landmark Harbour Row project. We are glad to be amongst the first developers participating in the government’s vision towards creating a new strong platform for real estate practices in Bahrain. We believe that this platform will also further encourage and give investors and buyers the confidence to continue to participate in the growth of the real estate sector in the region and, in particular, to invest in world-class projects such as Harbour Row. This will also arm developers in the region with the means and skills necessary to participate in the larger international real estate development markets”.

Mr. Khalil Al Meer, CEO at KHCB, added, “We are pleased with our appointment as the ESCROW agents for Habour Row, another iconic GFH project. We are committed to offering both corporate and individual clients and investors with full service Shariah compliant financial products and solutions to help them build and manage their assets and wealth. Real estate is an important asset class for our customers and we are pleased to be able to help them realise and safeguard their investments in this sector and in the Harbour Row project.”

The announcement of the ESCROW agreement paves the road to the inauguration of sales to prospective investors and buyers of the project.

Background Information

Gulf Finance House

GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.