Kuwait Finance House–Bahrain (KFH) has announced its plan to fund 3,000 residential units of the Deerat Aloyoun project in Diyar Al Muharraq. A ceremony was held to launch construction on the project and the Mazaya program in the presence of the Minister of Housing, Basim Al Hamer.
Hamad Abdul Mohsen Al-Marzouq, chairman of KFH and KFH-Bahrain, stated that KFH-Bahrain is dedicated to supporting projects that aim to boost Bahrain’s economy and that they will be constructed with a holistic approach, creating a self-sufficient community.
Deerat Aloyoun’s 3,100 residential units will cover an area of 1.2 million square meters, at an estimated value of more than $730 million. The project is expected to be complete by the last quarter of 2017.
While KFH-Bahrain is a major shareholder in the project, numerous local banks also support it. This project is one of many created under the umbrella of the Mazaya program, a partnership between the Ministry of Housing, banks and real estate developers, in which private sectors are taking on the development and construction of residential areas in favor of the Ministry of Housing.
Abdul Hakeem Al Khayat, chairman of Diyar Al Muharraq, expressed his delight in partaking in a project that supports both the Ministry of Housing and the entirety of the Bahraini community.