US$300 million Bahrain Golf Course Scheme

First Islamic Investment Bank announces joint venture with Bahrain International Golf Course Company to develop a residential community around Riffa Golf Course

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By  David Robinson Published  November 1, 2004

First Islamic Investment Bank has announced a US$300 million joint venture with Bahrain International Golf Course Company to develop a residential community around the Riffa Golf Course. First Islamic has undertaken the equity investment in the project while the Islamically structured financing facility was fully underwritten by HSBC. First Islamic will partner with East West Partners, and say they aim to transform the existing Riffa Golf Course in order to offer residents a comprehensive lifestyle experience. Properties will be developed within a gated community, expected to consist of some 500 units that offer residents views of the golf course together with access to wide-ranging leisure facilities and amenities. The residential units, consisting of a variety of single family homes built around the Riffa Golf Course, will have access to sporting facilities and a country club that will offer residents resort-type swimming pools, indoor and outdoor tennis courts and other racquet sports facilities as well as a health club. In addition, the community will include within its confines an international school, commercial facilities and a number of community parks and children’s play areas. The golf course itself will be redesigned and modified to championship standards, which will enable it to host international events, the company says. Bahrain International Golf Course Company chairman Shaikh Rashid Bin Khalifa Al Khalifa says: “We are pleased to be partnering with First Islamic, one of the region’s leading financial institutions, for the development and regeneration of the Riffa Golf Course.” First Islamic chief executive officer Atif A Abdulmalik says: “This project is a continuation of First Islamic’s themed residential community developments in the Middle East. “We are extremely proud to introduce this concept in Bahrain and shall partner with world class developers and operators to produce an exceptional community and a superior golf course.”

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