$1.6bn Dilmunia project on track
Manama, June 12, 2011
Bahrain's Ithmaar Development Company (IDC) has announced the completion of the preliminary development phase of its flagship Dilmunia project.
It encompasses reclamation, master-planning and infrastructure design.
Conceived and developed by IDC, the $1.6 billion Dilmunia project is created to take advantage of the burgeoning health and lifestyle industry. Dilmunia offers investors an opportunity to develop projects designed to tap into this fast growing industry.
IDC recently exhibited Dilmunia at regional property event Cityscape Jeddah.
As per a report from the Deloitte Centre for Health Solutions, global tourism for health and well-being alone is estimated to grow to $100bn by 2012.
"We are proud to announce the completion of the preliminary phase of the project and are now preparing to tender for infrastructure construction," IDC chief executive officer Mohammed Khalil Alsayed said.
"We will hit another milestone in the fourth quarter of 2011 when we commence infrastructure development, strongly reaffirming our belief in the feasibility of well planned projects in Bahrain."
Understanding the trend towards a more sustainable and balanced development, Dilmunia has been conceived to cater to a substantial and growing market niche.
"We are very happy to confirm continued interest from our previously announced hospitality operators, Dusit Thani Group, while we continue to work with them and other international hotel operators who believe in Bahrain's strategic importance as a finance and tourism hub," Alsayed said.
Located on the North-Eastern coast of Bahrain, off the island of Muharraq, the project is in close proximity to Bahrain International Airport and easily accessible from Saudi Arabia via King Fahad Causeway.
Bahrain's location in the heart of the Arabian Gulf, its diversified economy and governmental support for development projects offer Dilmunia the potential to become a major health tourism hub.
The project is expected to provide housing for 12,000 to 15,000 residents, as well as create thousands of highly skilled jobs in the medical, well-being, hospitality and retail sectors, adding diversity to Bahrain's economy.
"IDC is committed to Bahrain's continuous development.
"We look forward to the kingdom rebounding from the events of the last few months, and to future announcements of further development in Bahrain, on Dilmunia and our other projects around the region," said Alsayed. -TradeArabia News Service