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Al Khan and Al Meer at the signing ceremony.

GFH Real Estate names KHCB as escrow agent

MANAMA, November 5, 2016

GFH Real Estate (GFHRE), the real estate arm of the GFH Financial Group, said it has signed an Escrow agreement with Khaleeji Commercial Bank (KHCB), a Bahrain-based Islamic retail bank, for its upcoming prime waterfront project Harbour Row.

As per the deal, KHCB will be the project’s escrow agent in line with the new regulations in Bahrain (Law No. 28 of 2014) aimed at implementing global standard practices for real estate development and sales and targeting the preservation of buyers and all project stakeholders for its newly-launched Harbour Row Project, according to GFHRE.

The Harbour Row Project, which is part of the larger development Bahrain Financial Harbour in Manama, is a prime waterfront development which will comprise six buildings in total and 450 residential units supported by full leisure and commercial facilities and an active promenade extending over around 1 km.

Commenting on the deal, Majed Al Khan, the chief executive of GFHRE, said: "Today we announce an important milestone in the progress that we continue to make towards our landmark Harbour Row project. We are glad to be amongst the first developers participating in the government’s vision towards creating a new strong platform for real estate practices in Bahrain."

"We believe that this platform will also further encourage and give investors and buyers the confidence to continue to participate in the growth of the real estate sector in the region and, in particular, to invest in world-class projects such as Harbour Row. This will also arm developers in the region with the means and skills necessary to participate in the larger international real estate development markets," observed Al Khan.

On the appointment, Khalil Al Meer, the chief executive at KHCB, said: "We are committed to offering both corporate and individual clients and investors with full service Shariah compliant financial products and solutions to help them build and manage their assets and wealth."

"Real estate is an important asset class for our customers and we are pleased to be able to help them realise and safeguard their investments in this sector and in the Harbour Row project." he added.

The announcement of the Escrow agreement paves the road to the inauguration of sales to prospective investors and buyers of the project.

GFH RE is a specialist real estate developer managing up to $1 billion worth of projects in GCC. With key activities including project developments and asset management, it builds on the extensive development track record of the group across the region and global markets.




Tags: real estate | GFH |

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