To provide the insurance bond on escrow accounts that the Real Estate Regulatory Authority (RERA) requires for the off-plan sales approvals of the flagship Marina Bay project, Infracorp has entered into an arrangement with Takaful International.
This action is a part of the government’s continuous efforts to protect buyers and investors in real estate developments, as well as its continued efforts to boost trust in Bahrain’s investment climate.
Together with executive management representatives from both parties, Majed Al Khan, Board Member and Chief Executive Officer of Infracorp, and Essam Al Ansari, Chief Executive Officer of Takaful International, attended the signing ceremony at Infracorp’s headquarters in Bahrain Financial Harbour.
Off-plan sales
Al Khan said: “We are delighted to announce the completion of all necessary approvals required for the off-plan sales of the Marina Bay project, coinciding with the launch of Cityscape Bahrain 2024. This step ensures buyers’ rights and enhances confidence in the real estate market in Bahrain, while reaffirming our partnership with Takaful International and highlighting our full commitment to all applicable laws and regulations in the kingdom. We prioritise the protection of our client’s rights, and I would also like to express my sincere gratitude to the Real Estate Regulatory Authority (RERA) for their continuous efforts and vital role in developing the real estate sector in the kingdom.”
Al Ansari commented: “We are delighted to partner with Infracorp, one of the largest real estate developers in the region, culminating from our joint efforts to provide innovative insurance solutions that meet the evolving needs of the market and enhance investor protection in the real estate sector. The Marina Bay project is a standout initiative that highlights Infracorp’s pioneering role in the urban development taking place in the kingdom, and we are pleased to play a role in fulfilling all necessary requirements for the off-plan sales of this flagship project.”
