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KHCB signs MOU with Dadabhai Developments


Khaleeji Commercial Bank (KHCB), one of the leading Islamic Banks in the Kingdom of Bahrain, signed a Memorandum of Understanding with Dadabhai Development and Properties Company (DDPM) to provide finance for the purchase of properties at Juffair Heights residential project.



The MOU was signed by Mr. Fuad Taqi, Deputy General Manager of Commercial Banking at KHCB and Mr. Ahmed Dadabhai, the Director of DDPM Co at The Developers office in Seef, and attended by officials from both the Bank and the company.

Under this agreement, customers, both Bahrainis and expatriates, who wish to avail property finance from KHCB, will receive up to 80% financing options for a period of up to 20 years, for purchasing property in the Juffair Heights Free hold development.
Juffair Heights Project consists of twin towers of 28 and 29 floors respectively and will have a total of 376 one and two bedroom apartments; a spacious and affordable family accommodation in the heart of Juffair.

Upon signing the agreement, Mr. Fuad Taqi said: “We are immensely pleased with our agreement with Dadabhai Development and Properties Management Company and we look forward to providing our services and property finance facilities to the potential buyers of units in the Juffair Heights Project. DDPM Co. is a well reputed property development company in Bahrain and we are very pleased with the quality of work currently in progress on the Juffair Heights Project”.

Construction of the Juffair Heights Towers has already begun and the apartments are due to be ready for occupation by the third quarter of 2016.

Commenting on their collaboration with KHCB on this residential project, Mr. Ahmed Dadabhai, the Director of DDPM Co. said: “We are proud to be associated with KHCB and we appreciate their firm belief in the project in particular and the real estate market in Bahrain in general. We look forward to establish a strong relationship with the team at KHCB and guide interested home buyers at the project to utilize the Islamic finance facilities available through them. Juffair Heights is a complete and self-contained development for families, which will have a modern infrastructure in a friendly, safe and futuristic environment. The pricing of the apartments has been kept affordable starting at BD50,000 for a one bedroom unit to BD65,000 for a two bedroom unit”.