Al Baraka Islamic Bank Signs a Joint Cooperation Agreement with SAYACORP AQAR W.L.L. in Support of Bahrain’s Real Estate Sector

Manama, Bahrain: Al Baraka Islamic Bank has recently signed a strategic partnership agreement with SAYACORP AQAR, the wholly owned real estate and property development arm of SAYACORP B.S.C. (c). The agreement aims to finance the reclamation and infrastructure works for one of SAYACORP AQAR’s largest projects – Sayaland, which is a new project in Al Sayah – Busaiteen, thus contributing to the elevation and development of the real estate sector in the Kingdom.

The signing ceremony took place at Al Baraka Islamic Bank’s headquarters in Bahrain Bay and was attended by Mr. Hamad A. Al Oqab – Chief Executive Officer of Al Baraka Islamic Bank, Mr. Fahad Abdulhameed Albalooshi – Chief Corporate and & Institutional Banking Officer at Al Baraka Islamic Bank, and Mrs. Yesor Arekat – Senior Relationship Manager, while from SAYACORP AQAR, Mr. Fawaz Al Jowder – Chief Executive Officer at SAYACORP AQAR and Mr. Orabi Mohammed – Director of Project Development were present as well.

Commenting on this occasion, Mr. Hamad A. Al Oqab – Chief Executive Officer of Al Baraka Islamic Bank stated: “Al Baraka Islamic Bank is pleased to announce its new partnership with SAYACORP AQAR as a partner to finance the ‘Sayaland’ project’s reclamation and infrastructure works, which will positively impact the real estate sector’s development and increase its returns and contributions to the economy and investment in the Kingdom”.

Mr. Fawaz Al Jowder – Chief Executive Officer of SAYACORP AQAR , also commented on this partnership by stating: “We are proud of this significant partnership with Al Baraka Islamic Bank, as it will support the finance of the reclamation and infrastructure work of the ‘Sayaland’ project, which will undoubtedly seek to consolidate and develop continuously the flow of investment and the economy in the Kingdom in the foreseeable in accordance with the vision of the wise leadership to realize the Economic Vision 2030″.

With an attractive direct seafront view in a strategic location, ‘Sayaland’ is one of the largest projects of SAYACORP AQAR with an area of 160,172 square meters and located in Al Sayah opposite Bahrain Bay area and the northern waterfront of the Kingdom of Bahrain. The ‘Sayaland’ project is situated along the bridge proposed by the Ministry of Works that will connect Al Sayah with Bahrain Bay, which has been announced to be a distinctive cultural landmark as it will contribute to enhancing the economic and investment movement in the region.