Bahrain's Northern Town 2nd phase work to begin
Manama, June 16, 2014
Work on the second phase of the Northern Town is set to begin after a BD10 million ($26.3 million) agreement was signed yesterday (June 15).
The Housing Ministry signed an agreement with a consortium consisting of Kuwaiti-based Aresco and Bahrain-based Tamkon Company to build 316 housing units on a plot known as Island 14, said a report in the Gulf Daily News (GDN), our sister publication.
The first phase of 530 units, funded by Kuwait through a $10 billion GCC aid package awarded to Bahrain, is reportedly nearing completion.
Housing Minister Bassem Al Hamer, Aresco chief executive Mohammed Salem Al Watyan and Tamkon chairman Ahmed Rashid Al Qattan signed the new agreement at the ministry's headquarters in the Diplomatic Area.
Al Hamer said he was keen to push ahead with development of the new town, which he said was a key part of an initiative to develop 40,000 housing units ordered by His Majesty King Hamad in December.
He said work had been in full swing at the Northern Town, with the ministry building 530 units and signing agreements with the private sector to build 1,618 units.
He added more agreements were expected be signed for more projects, highlighting one already signed with the Kuwaiti Kharafi Company and Bahraini Nass Group to build the first phase of the East Hidd City including a total of 483 housing units. - TradeArabia News Service