Mubasher: Diyar Al Muharraq Company said Sunday that it has signed an agreement with Al Salam Bank - Bahrain to setup an escrow account for Deerat Al Oyoun Project.
“We are pleased to sign this agreement to establish an escrow account for the ‘Deerat Al Oyoun’ Social Housing Project with Al Salam Bank-Bahrain, with the initial cost for the first phase totalling BHD 18.1 million which will be financed from the escrow account,” Maher Al Shaer, CEO of Diyar Al Muharraq, commented on the agreement.
“We seek to boost investor confidence through this agreement, and safeguarding the rights of clients when selling units within this project. Our efforts are focused on ensuring that the works are within the given timeframe, and contribute to improving the quality of life and living standards through the provision of sustainable housing solutions in effort to meet the housing demands of the citizens,” Al Shaer said.
The escrow account comes in line with Al Salam bank’s focused efforts to offer innovative products and services towards the real estate sector in the Kingdom of Bahrain, according to a bourse filing.
“We are delighted to sign this agreement with Diyar Al Muharraq, assigning Al Salam Bank-Bahrain as the agent to establish an escrow account for the real estate development project,” Anwar Murad, Deputy Group CEO – Banking at Al Salam Bank-Bahrain said.
“We are continuously seeking to facilitate the process for real estate developers and others who are pursuing licenses to carry out real estate projects that aim to strengthen the market and increase the confidence of the investors in the sector,” he added.
