Indian group plans $300m Bahrain Bay investment
Manama, March 12, 2014
Leading Indian real estate firm, the Ajmera Mayfair Realty Group, has confirmed its interest to increase current investment in Bahrain Bay Development from $30 million to $300 million.
Real estate developers, The Ajmera Group and Mayfair Housing, have formed the Ajmera Mayfair Realty Group and jointly invested in the purchase of a waterfront land parcel at Bahrain Bay, reported the Gulf Daily News, our sister publication.
The company will begin construction of a 50-storey high-rise commercial tower on the land by the end of the year, the report added.
This news came after Ajmera Mayfair Realty Group representatives met His Majesty King Hamad during his landmark visit to India accompanied by a high-profile business delegation that included Bahrain Bay Development deputy chief executive Abdulla Al Doseri.
Rajnikant Ajmera and Nayan Shah, representing the new entity, met His Majesty in New Delhi during his visit. "We are deeply impressed and in awe of his wisdom, his support for the real estate sector and proud to be associated with a country led by such a visionary leader," they said.
"We have reaffirmed our interest in the Bahrain Bay project, a unique waterfront development that encouraged us to choose it as our first overseas investment destination," the duo said.
Ajmera and Shah said the development's pace of progress had given them the confidence to increase their investment.
"We were also attracted by the fact that Bahrain is well known as a gateway to the Middle East with business-friendly laws making it one of the most open economies in the region.
"Powered by a strong set of legislative policies the kingdom is considered to be on par with international standards with liberal laws for labour and human development which spurs business prosperity," they said.
Al Doseri welcomed the confidence displayed by Ajmera Mayfair.
"Bahrain Bay has remained stable through the economic challenges of the last decade, inspiring public confidence and bringing in a network of strong and trusted partners and investors," he said.
Located in the North East and heart of Manama city, Bahrain Bay is currently valued at $2.5 billion.-TradeArabia News Service