Bahrain-based Arab Banking Corporation (ABC) has signed a $35.8m loan deal with the Kanoo Group for the financing of the Kanoo Tower in the diplomatic area of Manama.

This is in line with a memorandum of understanding (MoU) signed between the two companies last year.

‘This signing reinforces the role played by financial institutions like ours in Bahrain in supporting and financing large corporates,” says Sael al-Waary, group chief operating officer. “It also displays our confidence in the future of the kingdom’s economy.”

Saud Kanoo, deputy chairman of the property company in the Kanoo Group added: “We welcome this partnership between two large corporations - ABC and Kanoo - that have for decades been a driving force in Bahrain’s economy.”