Khaleeji Commercial Bank (KHCB) has signed a memorandum of understanding (MoU) with Dadabhai Noon Real Estate Co. (DNREC) to provide finance for the purchase of properties at Seef Terraces residential project. The MoU was signed by KHCB deputy general manager of commercial banking Fuad Taqi and DNREC director Ahmed Dadabhai and was attended by officials from both the bank and the company. Under this agreement, customers, both Bahrainis and expatriates, who wish to avail property finance from KHCB, will receive up to 80 per cent financing options for a period of up to 20 years, for purchasing property in the Seef Terraces freehold development.
“We are immensely pleased with our agreement with DNREC and we look forward to providing our services and property finance facilities to the potential buyers of units in the Seef Terraces project. DNREC is a reputed property development company in Bahrain and we are very pleased with the quality of work currently in progress on the Seef Terraces project,” Mr Taqi said.
Construction of the Seef Terraces has already begun and the apartments are due to be ready for occupation by the third quarter of 2018. “We are proud to be associated with KHCB and we appreciate their firm belief in the project, in particular, and the real estate market in Bahrain in general,” Mr Dadabhai said.