Al Baraka Bank (SAL) has signed a contract with Arabian Company for Civil Works (ACCW) to launch a new real estate project in Verdun.
This deal marks the banks first investment in the real estate sector. The land and the project are both owned by the bank. The investment in the project will be around US$ 40 million. The residential building, dubbed Vertini, consists of two blocks, the first being nine storeys tall, and the second being 14 storeys. The building is due for delivery end-2013 and 5% of the project has already been sold, as per newswires.
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