Durrat, Al Tijaria in island JV
Manama, June 18, 2008
Durrat Al Bahrain has signed an agreement to establish a joint venture with The Commercial Real Estate Co (Al-Tijaria) and its associates for development of two of its residential Islands.
Durrat Al Bahrain is the Kingdom’s largest planned luxury residential, commercial and tourist resort development.
The new joint venture, the Durrat Tijaria Company, will lead and manage the development of the two remaining outer islands (Atoll 5 & 6) of the $6 billion seaside city resort.
In total, Durrat Al Bahrain offers 11 residential islands in the shapes of petals and atolls, all of which are dedicated to tranquil, island style living, said a company official.
Six of Durrat Al Bahrain’s residential islands have already been developed, consisting of three inner islands and three outer islands of just over 1,000 luxury beach and sea front villas.
"These islands were included in the first and second phases of the project and home owners will be taking delivery of their new homes for both phases starting from November this year," Jassim Al Jowder, CEO of Durrat Al Bahrain.
Commenting on the new joint venture, Al Jowder, said, "This is an extremely significant agreement as it means that additional value will be released to our shareholders and that we now have a new and valued partner to work alongside us in creating Durrat Al Bahrain."
"It’s fantastic news that we’ll be able to work with a company such as Al Tijaria which has more than 35 years experience in developing real estate. We’ll be working together over the next few years to bring out talents together to create some very exciting and unique residential villas for these islands," he remarked.
"We’re also happy to be partnering with a Kuwaiti company, to complement our 50 per cent shareholders, Kuwait Finance House," he added.
Abdul-Fatah Marafie, chairman and managing director, Al Tijaria Real Estate Company, said, “We are firm believers in the vision of Durrat Al Bahrain and we are excited at the prospect of working with the Durrat Al Bahrain team to create properties and communities that will offer the promise of Durrat Al Bahrain, island living, urban style."
"This is a unique proposition to home owners in the Gulf and we feel that we can bring our experience to the project to help make it an even better place to live and work for future generations."
Durrat Al Bahrain will have the lion's share in the new joint venture with a 50 per cent stake. Al Tijaria will have 30 per cent stake, while both the Kuwaiti Park Company and the Kuwaiti Commercial Malls Company will get 10 per cent stake each.-TradeArabia News Service