23 Oct 2018

MANAMA, BAHRAIN – 23 October 2018 – Cityview Real Estate Development Company (Cityview), a Bahrain-based real estate development company, announced today (ed note: 23/10/18) the formal inauguration of the Company’s Cityview building and said it had started handover apartments to their owners.
Speaking at the inauguration ceremony, Cityview Chairman, Abdulhakeem Al Mutawa, said he is pleased that, despite the many complex challenges, the project was successfully completed.
The Cityview project, a residential tower in the Seef District near Dana Mall, was put on hold in 2011 due to circumstances beyond anyone’s control. The Project’s completion makes it the only project of its kind in Bahrain to be resolved internally, without external intervention after Ithmaar Bank, one of the shareholders, provided the necessary financing. Ithmaar Holding, an investment firm listed on the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market, owns through its subsidiary 51 percent shareholding in Cityview.
Present at the inauguration ceremony were representatives of Ithmaar Bank and Cityview as well as Ithmaar Development Company (IDC), which represents Ithmaar Group, Dheya Tawfiqi Engineering Consultancy Bureau W.L.L. (DTEB) as the Project Consultant, Poullaides Construction Company (PCC) as the main contractor of the Project and Ithmaar Bank’s Home Finance team.
When announcing the completion of the Cityview project in August, Al Mutawa had said the achievement, which remains unique in Bahrain, was made possible by Ithmaar Bank’s determination to see the project through, and a demonstration of the potential that can be realised when everyone pulls in the same direction.
“The building is now fully operational with all utilities functional after having received all municipal and authority approvals,” said Al Mutawa. “In fact, with the de-snagging works completed, and the testing and commissioning successful, we are handing over the building to Olive V.F.M (a wholly owned subsidiary of Ithmaar Holding), the appointed facility management team who will be welcoming the first residents,” he said.
The Cityview building comprises a total of 88 apartments offering amenities such as a gym, health club, and swimming pool dedicated to the residents.
Al Mutawa thanked the buyers of the project’s apartments for their support during the previous period, which ended with completing construction works of the building.
Al Mutawa also thanked the Deputy Prime Minister and Chairman of the Ministerial Committee for Urbanisation and Infrastructure, His Excellency Shaikh Khalid bin Abdulla Al Khalifa, for his continuous efforts and support for helping drive the Project towards its completion.
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