Work on $1.6bn Dilmunia project starts
Manama, April 4, 2013
Work on the $1.6 billion Dilmunia at Bahrain, a major mixed-use project built on a man-made island off the coast of Muharraq, was launched today at a ground-breaking ceremony attended by Bahrain’s Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa .
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, said a statement.
The ceremony, which was hosted by the project’s developer Ithmaar Development Company (IDC) at the island site, was attended by ministers, senior government officials, senior IDC and Ithmaar Bank executives, senior project partners, high net worth individuals and both current and potential investors in the project.
IDC is a wholly owned subsidiary of Ithmaar Bank and acts as its developer and manager of major real estate projects spanning residential, commercial, hospitality, wellness/healthcare facilities, and infrastructure sub-sectors.
Shaikh Khalid unveiled a commemorative sculpture to mark the formal start of the first phase of infrastructure works on Dilmunia at Bahrain.
Earlier last month, IDC announced it had awarded the infrastructure package, valued at $22.5 million, to Cebarco Bahrain.
The package, relating to the ambitious 125 hectare island’s highways and roads, a distributor bridge crossing on top of Dilmunia's Grand Canal, landscaping, its power, water, sewerage, drainage, and telecommunications networks, will take 24 months to be completed enabling the completion of various sub-developments within a similar timeframe. As a result, end-users can be handed the keys to their units by mid-2015, the statement said.
IDC chief executive and member of the board, Mohammed Khalil Alsayed, thanked the Deputy Prime Minister for patronizing the event as well as for the government’s long-standing support and encouragement of major development projects.
“I am delighted to announce that the pioneering Dilmunia Island has reached this critical milestone in its project development,” said Alsayed. “This milestone has significant and far-reaching implications for the Kingdom of Bahrain. It will, for example, help create potentially thousands of new jobs both directly and indirectly, bolstering the Kingdom’s key construction, real estate and tourism industries,” he said. - TradeArabia News Service