Esterad Bank announces successful arrangement and oversubscription of Amwaj Mezzanine Program

Esterad Bank announces successful arrangement and oversubscription of Amwaj Mezzanine Program

Esterad Bank announced the successful arrangement of the US$10 million Amwaj Mezzanine Program, a Shariah compliant Mezzanine Murabaha financing, which was oversubscribed by 20%, and placed with institutional and high-net-worth investors from across the gcc.

Proceeds from the arrangement will support the remaining development phases of Esterad Investment Company’s iconic Amwaj Beachfront Project, which it acquired in 2019 and has successfully turned around and is progressing towards completion. The project is a unique and fully integrated residential development in Amwaj Islands with a built-up area of 197,000 square meters and a saleable area of around 117,786 square meters comprising of luxury townhouses and apartments set along a private beach in the Kingdom of Bahrain.

Commenting on the transaction, Chairman of Esterad Bank, Shaikh Mohamed Duaij Khalifa Alkhalifa, said, “We’re delighted to announce the successful arrangement of the Amwaj Mezzanine Program. Met with strong uptake from a diverse group of regional investors, demand for the offering underscores market confidence in the Bank and its new strategy focused on high quality, secure investment opportunities with solid yields. The success of the offering also reflects the attractiveness of the Bahrain real estate market and the strategic positioning of the Amwaj Beachfront Project, which remains on