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Bin Faqeeh Appoints KHCB AS ESCROW Agent for HIDD Heights Project



Bin Faqeeh Appoints KHCB AS ESCROW Agent for HIDD Heights Project



 
Bin Faqeeh, a leading Bahrain-based privately-owned real estate investment company, announced that it has signed an ESCROW agreement with Khaleeji Commercial Bank (KHCB) for its “HIDD HEIGHTS” Project.

According to the agreement, KHCB will be appointed as the project’s ESCROW agent in line with the new regulations in the Kingdom of Bahrain (Law No. 28 of 2014 & CBB’s Resolution no. 20 of 2016), in which developers are required to establish an escrow account with a local bank for each real estate development project intended to be sold off-plan. Thus ensuring protection for investors and end-buyers.

“HIDD HEIGHTS” real estate project consists of 13-storey building located in Hidd adjacent to Khalifa bin Salman park. It offers fully furnished studios, 1 bedroom and 2 bedroom apartments, with the perfect relaxation and fitness facilities that include a swimming pool, gymnasiums for men, gymnasiums for women, sauna and steam room.

Commenting on this occasion, Mr. Faisal Faqeeh, Chairman of Bin Faqeeh Real Estate Investment Company said, “We are very pleased to announce the signing of this agreement, which is a significant achievement aimed at implementing best local and global practices for real estate development and sales as well as preservation the rights of buyers, investors and stakeholders”.

“We are confident that this initiative will create more confidence in our project and will place our company among the first to implement this initiative and offer bank guarantees and facilities for those interested in buying luxurious apartments”. Mr. Faqeeh concluded.

Mr. Khalil Al Meer, CEO of KHCB, commented “It is our pleasure to partner with Bin Faqeeh in developing the real estate market by our appointment as the ESCROW agents for HIDD HEIGHTS. We are constantly striving to be a major role in the development of various sectors, including the real estate, which constitutes greatly to economic growth of the Kingdom”.

Mr. Al Meer added “KHCB continuously works toward strengthening the relationship with real estate providers in the Kingdom of Bahrain. This comes as part of our commitment in providing and assisting citizens and potential customers with financial solutions that cater to their needs by provide personalized financial housing solutions that comply with the Shari’a principles. This move taken by the bank has proved extremely beneficial for potential customers where a variety of real-estate purchases have been funded”.