Eskan Bank, one of the leading banks in Bahrain, has signed a joint venture agreement with Seef Properties to develop a BD25m ($66.3m) shopping mall in the Saar area.

As per the JV agreement, Eskan Bank will be appointed as Financial Advisors for the project the value of which is BD 25 million, while Eskan Properties will be appointed as Development Managers and Seef Properties will be appointed as Property Managers following the completion of the project.

The project will be developed on adjacent lands owned by Eskan Bank and Seef Properties, and include shops, entertainment facilities, cinemas and an office for the mall management.

The Shopping complex is expected to commence at the beginning of 2010 and will take around 2 years for completion.