The developers of Muharraq Seef Mall, the Muharraq Mall Company, have signed an Islamic finance facility agreement with Ahli United Bank (AUB) to borrow $21.25 million.

The facility is to assist in partial financing of the construction of the mall. Construction of the 70,000 sqm mall commenced in 2012 and is 50 per cent complete with around 80 per cent of the shops already leased.

This hugely significant project located adjacent to the Muharraq Club is majority owned and managed by Seef Properties. The other shareholders are the Malls Company and Hayakala.

"We are pleased to have reached agreement with AUB for the funding of this project which has been warmly received by tenants and residents of Muharraq alike," said Muharraq Mall Company chairman Shaikh Abdulla bin Khalifa Al Khalifa.

"We are eagerly looking forward to the opening of the mall next year. The belief AUB have shown in the project has been a significant factor in the speedy completion of the funding deal."-TradeArabia News Service