Shamil signs Amwaj deal

21 June 2002

The local Shamil Banksigned an agreement on 16 June to invest in the $40 million Al-Marsa residential marina. The Al-Marsa project forms part of the scheme being promoted by the local Ossis Property Developersto create an integrated tourism and residential area on Amwaj island, located off Muharraq. Built on an artificial island, the scheme will involve the construction of 360 housing units over an area of some 260,000 square metres.

'We have so far invested heavily in the project from equity,' Saud Kanoo, chairman of Ossis, told MEED. 'But we will be tapping the financial market in the future as the project progresses.' Residential freehold properties in Al-Marsa will start at $120,000 and be open to foreign investors. As well as investing, Shamil will also provide finance packages (MEED 31:5:02, Construction).

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