03 May 2014
MANAMA, BAHRAIN – 3 May 2014 – A major USD45 million residential apartment project was announced today (ed note: 030514), following the sale of key plots on the landmark Dilmunia at Bahrain island to Bin Faqeeh Real Estate Investment Company.
The deal marks an important milestone in the construction of the ambitious 125-hectare man-made island and one of the largest projects of its kind in the region. Dilmunia is a project of master developer Ithmaar Development Company (IDC), which is a wholly-owned subsidiary of Ithmaar Bank, a Bahrain-based Islamic retail bank traded on both the Bahrain Bourse and the Kuwait Stock Exchange (stock symbol: ITHMR). Ithmaar Bank also acts as Dilmunia’s Investment Manager.
The sale agreement, signed between IDC Chief Executive and Member of the Board, Mohammed Khalil Alsayed and Bin Faqeeh Real Estate Investment Company Chairman of the Board, Faisal Abdulwahid Faqeeh, covers the sale of strategically located plots, with details of the residential development itself due to be announced by Bin Faqeeh later this year.
“We are proud to welcome Bin Faqeeh to Dilmunia’s growing family of high quality developments,” said Alsayed. “Being a prominent real estate developer in Bahrain, with a large number of successful projects already built and in use, we are confident that they will fit in well among the world class developments that Dilmunia is attracting,” he said.
“As with all the real estate developments on Dilmunia, the Bin Faqeeh project will, of course, also benefit from the innovative health and wellness facilities that are the central attraction of the Dilmunia concept,” said Alsayed. “In keeping with this theme, all Dilmunia’s projects will meet the highest standards, and the most modern criteria,” he said.
The USD1.6 billion Dilmunia at Bahrain development is a mixed-use project built on a man-made island off the coast of Muharraq. With a unique Health and Wellness anchor, Dilmunia will include residences, hotels, leisure and shopping districts, and provide residents and visitors with wellness facilities and spas in a state-of-the-art resort-type environment.
Faqeeh said that he expects Dilmunia to be a major addition to the infrastructure of, not just Bahrain, but the Gulf region as a whole.
“Among the primary qualities that drew us to Dilmunia are its health and wellness theme, and the key role we expect it to play in transforming Bahrain into a regional hub for that industry,” said Faqeeh. “Along with the jobs and other economic benefits it will create in real estate and construction, this development will put Bahrain on the map as a major destination for health tourism, and we very much want to be a part of that,” he said.
“There is a very real gap in the market for high quality projects like Dilmunia, which is not only a major real estate development, but also has a centrally managed theme that will give the island a unique character,” said Faqeeh. “We look forward to continuing to work with IDC on this development and potential future collaborations,” he added.
IDC has been working hard to ensure the promised development deadlines are met and to date has achieved every one of the projected delivery milestones.
Dilmunia is located in close proximity to the Bahrain International Airport, with easy access to Saudi Arabia via the King Fahad Causeway. The name Dilmunia is inspired by Bahrain’s ancient civilization of Dilmun, which is believed to have been the inspiration for the mythical Garden of Eden. Dilmunia seeks to create a modern Garden of Eden, balancing the need for growth with the need for a healthy, sustainable ecology and leisure spaces.
Established in early 2008, Bin Faqeeh has an ambitious plan that entails the construction of real estate projects growing its portfolio from its current US$300 million to approximately US$400 million by the end of 2014. Among its major projects are The Grand, The Breaker, Dar Al Salam and Business Bay. It is also working on other projects in different areas in Bahrain.