$25 million warehousing deal signed

First Bahrain Real Estate Development Co. has agreed an Islamic project financing facility with Kuwait Finance House – Bahrain to develop a $25 million warehousing and logistics facility. 

The project will be located at the Bahrain Investment Wharf (BIW), strategically located near the new Shaikh Khalifa Port due to open in October.

Amin A Al Arrayed, general manager of First Bahrain said: “The financing comes in perfect timing as we have just received our building permits from the Muharraq Municipality and we expect to receive tenders from contractors within the week.”

The complex which will be built in two phases over an area of 43,000 sqm will offer approximately 150 units for lease which will range in space from 80 sqm upwards. Phase one is due for completion in mid 2009.

It is being designed by Tebodin Consultants & Engineers.