IslamicFinance.de

Bahrain-based urban development company Diyar Al Muharraq entered into a $32 million corporate agreement with Al Salam Bank-Bahrain Thursday.
The agreement will partially fund the company's Dragon City development and was signed by Diyar Al Muharraq Chairman Abdulhakeem Alkhayyat and Al Salam Bank-Bahrain Director and Group CEO Yousif Abdulla Taqi. The total price tag for the Dragon City development is $100 million.

“It is with great pride that I officiate this momentous occasion as this marks the beginning of a strong partnership that is set to produce rich rewards and collect significant milestones for a long time to come," Alkhayyat said. "With Dragon City set to start operating in full capacity before the end of the year, we are confident that our calculated and well-thought out decision will reap many benefits and look forward to reveling in the age of prosperity that will soon follow.”

Taqi agreed with Alkhayyat's sentiments. “Partnering with the biggest urban development in the Kingdom of Bahrain is no small accomplishment and on behalf of the Al Salam Bank-Bahrain, I would like to express my immense joy to be part of this agreement for part financing the development of Dragon City," Taqi said. Dragon City will be situated on a 115,000-meter tract and will offer a variety of wholesale and retail options for consumers, trade customers and tourists.