First Islamic Investment Bank E.C. (First Islamic), a Bahrain-based investment bank, and Bahrain International Golf Course Company (BIGCC) announced yesterday a $300 million project to develop a uniquely themed residential community around the Riffa Golf Course in Bahrain. First Islamic has undertaken the equity investment in the project while the Islamically structured financing facility was fully underwritten by HSBC. First Islamic aims to transform the existing Riffa Golf Course in order to offer residents a comprehensive lifestyle experience. Properties will be developed within a gated community, expected to consist of some 500 units, that offer residents impressive views of the golf course together with access to wide-ranging leisure facilities and amenities that are best suited for families. The residential units, consisting of a variety of single family homes built around the Riffa Golf Course, will have access to world-class sporting facilities and a country club that will offer residents resort-type swimming pools, indoor and outdoor tennis courts and other racquet sports facilities as well as a high-end health club. In addition, the community will include within its confines an international school, commercial facilities and a number of community parks and children's play areas. "We are pleased to announce this project that will offer a unique residential community, but will also be a boon for the sport of golf in the Kingdom. We are further pleased to be partnering with First Islamic, one of the region's leading financial institutions, for the development and regeneration of the Riffa Golf Course," said BIGCC Chairman Sheikh Rashid bin Khalifa Al Khalifa, in a press statement published today.
