Dilmunia at Bahrain taking shape
Manama, October 5, 2009
Reclamation work on Dilmunia at Bahrain, a 125-hectare purpose-built island being developed by Ithmaar Development Company (IDC), has been completed and infrastructure work is well underway.
The announcement was made yesterday by IDC chief executive officer Mohammed Khalil Alsayed ahead of IDC's participation at the Cityscape Dubai exhibition, one of the region's largest property and real estate events.
'Work on Dilmunia at Bahrain has been continuing at full swing and we remain as resolutely committed as ever to meeting both the deadlines and the anticipated returns we had announced when we first launched the project,' he said.
'In the past year, for example, we have completed reclaiming the island and are well underway on rock-protection and the waterway canal works.
'With Dilmunia at Bahrain quickly taking shape, we have concluded deals for the sale of additional plots on the Island, signed agreements with a prestigious international hotel chain and are finalising negotiations with Dilmunia Health District partner,' said Alsayed.
IDC has started selling parcels of land to third-party sub developers while simultaneously preparing to develop other parcels themselves. The $1.6 billion island, with a total built up area of around two million square metres is being developed by IDC, the development arm of the Ithmaar banking group.-TradeArabia News Service