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First Bahrain Real Estate Development signed an escrow account for El Mercado Village

Bahrain - December 26, 2016

First Bahrain Real Estate Development Company signed an Escrow Account with Kuwait Finance House for El Mercado Village which consists of a set of high-end residential villas offered for sale next to the Mercado Mall.

An Escrow Account is a document kept with a third party and is effective only after the verification of certain conditions.

It is worth mentioning that this agreement is the first of its kind, where the bank will act as an agent on behalf of the project in line with the new mortgage law in order to protect buyers investments where the bank will receive all deposits payments for villas to ensure the use of those funds to cover the costs of the project.

The Chief Executive Officer of First Bahrain, Ameen Al Areed, stated that the escrow account is a very important step to restore investors confidence in the real estate market.

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