Bahraini company YBA Kanoo WWL and Al-Saraya Properties have signed an agreement with Shamil Bank to finance Ossis Property Developers’ new Little Venice project near Bahrain’s Al-Amwaj Islands. The $40 million project will be built on a 28,000 square meter artificial island and will feature 325 chalets.
The contract commits the partners to establish a company called Al-Marsa, in which Shamil Bank will hold a 50 percent stake. The bank will be commissioned with undertaking the role of financial manager and adviser to the venture while Al-Saraya will manage the marketing and developing the project.
The island will be designed exactly like the Italian city of Venice, replete with its canals and gondolas. It will be situated next to Ossis’ Beachfront Property, located two kilometers northeast of Muharraq Island. The property is a reclamation development that secures three million square meters of land with a beachfront of 9.5 kilometers, offering residential lots, private beaches, common beaches and private marinas.
Based in Bahrain, Shamil Bank is owned by the Dar Al-Maal Al-Islami (DMI) Group and has a paid-up capital of $230 million. With managed assets totaling three billion dollars, Shamil’s banking procedures comply fully with Islamic religious codes. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
