Bahrain: New bank to finance real estate projects
Investors on Tuesday announced the first private sector bank, specialising in financing construction projects, in Bahrain. According to GDN, the Real Estate Finance Company (REEF), which will have a focus on residential projects, is a joint business between Bahrain-based Al Khaleej Development Company (Tameer), Kuwait-based Global Investment House and Bahrain-based Ossis.
The new bank will provide funds to both investors in the sector and individuals looking to buy homes. It will have a $40 million authorised capital, with $20 million paid up.