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Kuwait, 23 June 2009 - Kuwait Finance House (KFH) won the award for the ‘Best Home Finance Bank’ by the Banker Middle East. This award comes as a result of the Bank’s noteworthy contributions to the field over the past 30 years, where KFH has serviced 30,000 Kuwaiti families, as well as participated in several iconic real estate development projects, both locally as well as globally. These projects include Durrat Al-Bahrain and Diyar Al-Mahreq in Bahrain, Pavilion KL and Residences in Malaysia, and the biggest real estate development project in Asia called Medini, in addition to a Peninsula project in China.
Mr. Salah Al-Khamees, Manager - Real Estate Department in expressing his appreciation upon receiving the award on behalf of KFH said, “It is indeed a moment of pride for us at KFH as this award is in recognition of our untiring efforts, as well as our role as an Islamic bank in providing suitable housing to the Kuwaitis. As an Islamic bank we play a crucial rule in developing the real estate market, especially since it adds value to the society.” He added, “It is worth noting that KFH has won three notable awards from Euromoney in the real estate category. The awards are “Best Real Estate Financial Institution in the Middle East,” “Best Real Estate Finance Institution in Kuwait,” and “Best Financial Real Estate assessment Institution in Kuwait.” This invariable recognition proves that KFH plays a leading role in serving its clients.”
Al-Khamees also shared KFH’s participation in the biggest real estate development project in Malaysia - Iskandar City also known as Medini. This area will link Malaysia and Singapore to pave way for bilateral relations between the two countries. He highlighted that, “The project is expected to achieve a total development value that exceeds USD 6 billion during the next 10-15 years. The plan offers numerous development alternatives for smart cities. KFH has been awarded the development of the commercial area, as well as the technological services centres by constructing office towers, educational institutions, and technology and services centres, in addition to shopping malls and a residential area that houses villas and residential buildings on 2,620 square kilometres out of the total project area of 9,660 square kilometres.”
In addition, KFH invested USD275 million in a Peninsula Real Estate project, which is considered the largest real estate development project in Asia, located between China and Hong Kong. The project’s total cost USD3 billion and occupies 300,000 square metres.
KFH also paid USD 135 million in managing, developing and marketing the Pavilion project that has a total value of USD 1.3 billion. The project occupies 130,000 square metres in the heart of Kuala Lumpur.
Diyar Al-Mahreq is one the largest projects executed in Bahrain and occupies 12 square kilometres, with a total value of USD 3.2 billion. The project will offer residential options to the middle tier of the society, and the number of units is expected to be 30,000, which is enough to house 100,000 people. It is worth noting that the project also has 1,200 residential units for people with low income.
The first phase of Durrat Al-Bahrain project was delivered, and its expenses exceeded USD 3 billion. It is rendered to be a giant step forward towards developing living standards, since it can house 30,000 residents permanently, in addition to 4,000 visitors daily. The project occupies 20 square kilometres taken from the sea and desert, and is located on the east coast of south Bahrain, and includes 13 islands that house 2,000 villas and 3,000 flats and hotels, in addition to golf courts, a marine club, and shops.
Mr. Salah Al-Khamees, Manager - Real Estate Department in expressing his appreciation upon receiving the award on behalf of KFH said, “It is indeed a moment of pride for us at KFH as this award is in recognition of our untiring efforts, as well as our role as an Islamic bank in providing suitable housing to the Kuwaitis. As an Islamic bank we play a crucial rule in developing the real estate market, especially since it adds value to the society.” He added, “It is worth noting that KFH has won three notable awards from Euromoney in the real estate category. The awards are “Best Real Estate Financial Institution in the Middle East,” “Best Real Estate Finance Institution in Kuwait,” and “Best Financial Real Estate assessment Institution in Kuwait.” This invariable recognition proves that KFH plays a leading role in serving its clients.”
Al-Khamees also shared KFH’s participation in the biggest real estate development project in Malaysia - Iskandar City also known as Medini. This area will link Malaysia and Singapore to pave way for bilateral relations between the two countries. He highlighted that, “The project is expected to achieve a total development value that exceeds USD 6 billion during the next 10-15 years. The plan offers numerous development alternatives for smart cities. KFH has been awarded the development of the commercial area, as well as the technological services centres by constructing office towers, educational institutions, and technology and services centres, in addition to shopping malls and a residential area that houses villas and residential buildings on 2,620 square kilometres out of the total project area of 9,660 square kilometres.”
In addition, KFH invested USD275 million in a Peninsula Real Estate project, which is considered the largest real estate development project in Asia, located between China and Hong Kong. The project’s total cost USD3 billion and occupies 300,000 square metres.
KFH also paid USD 135 million in managing, developing and marketing the Pavilion project that has a total value of USD 1.3 billion. The project occupies 130,000 square metres in the heart of Kuala Lumpur.
Diyar Al-Mahreq is one the largest projects executed in Bahrain and occupies 12 square kilometres, with a total value of USD 3.2 billion. The project will offer residential options to the middle tier of the society, and the number of units is expected to be 30,000, which is enough to house 100,000 people. It is worth noting that the project also has 1,200 residential units for people with low income.
The first phase of Durrat Al-Bahrain project was delivered, and its expenses exceeded USD 3 billion. It is rendered to be a giant step forward towards developing living standards, since it can house 30,000 residents permanently, in addition to 4,000 visitors daily. The project occupies 20 square kilometres taken from the sea and desert, and is located on the east coast of south Bahrain, and includes 13 islands that house 2,000 villas and 3,000 flats and hotels, in addition to golf courts, a marine club, and shops.
