KHCB named Hidd Heights’ Escrow agent

Manama : Bin Faqeeh, a Bahrain-based privately owned real estate investment company, 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, 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, one bedroom and two 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 the occasion, Faisal Faqeeh, Chairman of Bin Faqeeh Real Estate Investment Company said, “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.”

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”.