Bahrain's Dragon City receives $32m financing
Al Salam Bank Bahrain will partly-fund the $100m development, which spans 11.5ha and comprises Dragon Mall
Bahrain's Diyar Al Muharraq announced it has signed an agreement to secure part-funding for its $100m (BHD37.7m) Dragon City project.
Al Salam Bank Bahrain will provide $32m (BHD12.m) for the project.
Dragon City spans 11.5ha, and comprises Dragon Mall, which will house 747 retail stores, and a 4,500sqm area for warehouses.
The chairman of Diyar Al Muharraq, Abdulhakeem Alkhayyat, said: "In addition to the enormous impact that Dragon City will have on a large scale to the kingdom of Bahrain by thrusting it into the global limelight, it will also contribute massively nationally by extensively boosting trade and finance in the Kingdom.
"With Dragon City set to start operating in full capacity before the end of the year, we are confident that our calculated and well-thought out decision will reap many benefits and look forward to reveling in the age of prosperity that will soon follow," he added, according to Arabian Business.
Dragon City has procured 100% lease, and its occupancy rate is 90%.
The development will also feature Dragon Apartments, including six multi-storey residential buildings offering 300 apartments.