New firm to invest $2.6bn in Bahrain

Manama, March 9, 2008

Manara Developments, a new Bahrain-based real estate development company, has unveiled plans to develop some major projects in Bahrain.

Company officials said at a launch press conference, at Ritz-Carlton Hotel Bahrain, that it is targeting about eight to ten projects in the kingdom. The total investments could go up to $2.6 billion, they said.

The company is formed by a consortium of regional investors who are determined to bring a fresh perspective and a people centric approach to real estate business, said chairman Yousif Taqi. Al Salam Bank  is one of the investors in the company.

Manara Developments aims to deliver projects that are sensitive to the surroundings and planned carefully to leave a positive imprint on the community, said kareem Shamma, CEO.

Built on a deep rooted sense of social responsibility, Manara Developments is guided by an `All Considered' philosophy which translates into conscientious development with the best interests of the community in mind, he said.

The company will strive to deploy, as far as possible, local resources as well as the most efficient design, construction and environmental technologies to help deliver socially aware projects synonymous with quality, sustainability, value for money and on time delivery, he said.

Shamma said the company will focus on the kingdom in the short-term and later will expand regionally.

He said more details about the projects under consideration will be announced later. The projects will cover residential, commercial, mixed-use and light industrial units, he said.

The company will raise funds through the issue of Sukuks, said Yusuf Ali Murta, chief finance officer. – TradeArabia News Service

Tags: Bahrain | real estate | firm | Manara |