Kadi Group, AIB Bahrain agree finance for $58m Burj Kadi tower
Al Baraka Islamic Bank (AIB Bahrain) to provide home finance for buyers of under-construction 40-floor project in Juffair
Al Baraka Islamic Bank (AIB Bahrain) has signed a financing agreement with real estate company Kadi Group to provide property financing options for the potential and existing buyers of units in Burj Kadi, a 40-floor project worth $58.3m (BHD22m) that is currently under construction on the Sheikh Khalifa Highway in Juffair.
In a statement, AIB Bahrain said it would provide financing facilities to Bahrainis and expats looking to purchase units in Burj Kadai, which will feature a six-floor parking lot, 359 residential units, and four sky villas.
Commenting on the agreement, chairman of Kadi Group, Saleh Alfadhala, said: “We are highly delighted and proud to start a new venture with AIB Bahrain and we appreciate the bank for approving the property financing for Burj Kadi to its prospective and existing buyers.”
General manager of AIB Bahrain’s business group, Tariq Kazim, added: “Kadi Group is a well reputed property development company in Bahrain and we are very pleased with the quality of work currently in progress on the project.
“We are thereby excited for what the future holds for the potential residents of Burj Kadi and are glad to be a part of this substantially beneficial alliance.”