The Lagoon Bahrain, a mixed-use commercial development pioneered by Abu Dhabi Investment House of the UAE, has signed a Memorandum of Understanding with Reef - Real Estate Finance Company to offer mortgage packages to investors.
The MoU was signed recently in Bahrain by ADIH CEO Mr. Rashad Janahi and Dr. Khalid Abdulla, CEO of Reef. A free-hold development open to both GCC and expatriate investors, The Lagoon Bahrain has attracted enthusiastic interest and high sales.
Commenting on the MoU, ADIH’s Mr. Rashad Janahi said: “Reef has earned considerable industry recognition during its first year of operation, and its commitment to standards and service excellence complements our vision for The Lagoon Bahrain. Investors require competitive service and peace of mind, and ADIH’s partnership with Reef for The Lagoon aims to deliver just that.”
Lying at the heart of a new community, The Lagoon, part of Amwaj Islands off the coast of Muharraq, comprises eight low-rise buildings for high-end consumer retail, leisure and food and beverage outlets. Covering a total land area of 55,000 square metres, the development is due for completion in September and represents an investment of more than US$90 million.
Dr. Khalid Abdulla of Reef said: “Our agreement with The Lagoon Bahrain, one of the island’s most prestigious real estate projects, is an endorsement of our belief in building strategic alliances and partnerships that bring together specialist talents and world-class experience.”
He added: “Through our innovative and competitive Shariah compliant mortgage financing products, we are confident of actively contributing to the development of this sector and to making the acquisition of properties within the reach of most Bahraini’s and GCC nationals.”
The Lagoon’s masterplan takes inspiration from international shopping and dining destinations such as London’s Covent Garden and Cockle Bay Wharf in Sydney.
Made up of 2.75 million square metres of reclaimed land, Amwaj Island will accommodate more than 35,000 people and host educational facilities, commercial districts, and spectacular hotels and tourist attractions.
