A financing facility deal worth $16 million was signed between Porta Reef Real Estate Development, Khaleeji Commercial Bank (KHCB) and Bank Muscat International (BMI) to finance the $90 million Porta Reef residential project, located on the coast of Manama. Present at the signing ceremony were Rashad Y. Janahi, board member and managing director - Abu Dhabi Investment House (ADIH); Ebrahim Hussain Ebrahim, CEO - KHCB; and Jehad Al- Alawi, head of Islamic Financial Services - BMI. The deal was signed on April 14. ADIH is the developer of Porta Reef. Janahi said ‘ADIH aims to establish strategic partnerships with renowned financial institutions in the region. KHCB and BMI are both highly reputable organizations who have the capabilities to finance important projects such as Porta Reef.” Ebrahim said “we are delighted to provide ADIH with the necessary financing as it was able to establish itself as a leading investment house in such a short period of time - through its successful projects and the caliber of its team and management. The financing of Porta Reef - which is currently enjoying high demand within the market, is just the beginning to be part of important real estate projects.” Al-Alawi said “we aim through our partnership with KHCB in providing the required financing to Porta Reef, to contribute to the booming real estate market in Bahrain through successful unique projects.” Porta Reef fund was launched to source financing for ADIH's landmark residential project on Bahrain's prestigious $1.2 Billion Reef Island which is located only minutes away from the kingdom's latest business and residential district. The fund's investment term is 24 months with a return projection in excess of 20% percent per annum is forecasted for investors. The Porta Reef fund witnessed oversubscriptions as it closed on Dec.31 2007. The project has witnessed sales of over 60 percent of its unites during the 1st phases of its sales activities. The 2nd phase will soon be announced. The $90 million project, Porta Reef is composed of a trio of state-of-the-art 10 story residential buildings offering 2 and 3 bedroom apartments as well as luxurious penthouses. It is the first freehold development that is underway at Reef Island. Piling and infrastructure work has already started under contract with international specialist company Dutch foundation. Porta Reef also has a sea-front boardwalk as an upscale alternative to the traditional Corniche, and its courtyard gardens and children's playground situated between the three towers provide clean, open space for family living. Reef Island is a strategic joint venture between the government of Bahrain and the Mouawad Group for Real Estate Development Company. It aims to attract high-net worth property investors from Bahrain as well as GCC residents who are looking for a distinctive second home. The $1.25 billion freehold development project covers an area of just under 600,000 square meters, of which Porta Reef occupies just over 16,000 square meters. Strategically positioned between the capital's new business and commercial district and Bahrain's International Airport, but with the exclusive privacy of its Reef Island enclave, Porta Reef offers the best of urban living with a timeless style. __
