Diyar Al Muharraq, a leading developer in Bahrain, has launched a joint venture with Eagle Hills Abu Dhabi for the development of the urban project Marasi Al Bahrain.

The project is on the eastern shore of Diyar Al Muharraq, said a report in the Gulf Daily News (GDN), our sister publication.

The joint venture, between the two leading urban development companies, is the first such collaboration between Diyar Al Muharraq and Eagle Hills Abu Dhabi.

A delegation comprising officials from Eagle Hills Abu Dhabi, led by the company's board member Mohamed Alabbar and officials from Diyar Al Muharraq presented a scale model of the Marasi Al Bahrain project to His Majesty King Hamad during a reception held yesterday at Sakhir Palace.

The presentation also included a briefing on the project's components and the services it will offer.

Occupying a total land area of 864,484 sq m, Marasi Al Bahrain is set to become a one-of-its-kind destination in the kingdom with regards to all its offerings that include luxury hotels and restaurants, high-end residential apartment buildings, centres for business, leisure and entertainment, a harbour for cruise liners to dock, a central garden and a traditional suq.

"The opportunity to be working with the leaders in the forefront of urban development in the kingdom, Diyar Al Muharraq, gives us great pleasure," Alabbar said.

"The concept of entering into this joint venture partnership stems from our vision of creating world class developments of the highest standards in fast growth markets with a focus on sustainability.

"We are confident of attaining this goal as our aim stands in accordance with Diyar Al Muharraq's as is evident by the enormous scale of the project and their passion for excellence that is reflected in the project that is taking shape," he added.

"The Marasi Al Bahrain project is definitive proof of the progressive vision that Diyar Al Muharraq and Eagle Hills Abu Dhabi share," Diyar Al Muharraq chairman Abdulhakeem Alkhayyat said.

"It will surely have a considerable positive impact on the economy of Bahrain as its many contributions extend to the residential, business, trade and tourism sectors.

"Once all the concerned documentations are completed, we shall launch investment opportunities open to investors from both private and public sectors," he added.

"We, at Diyar Al Muharraq, are excited to be part of this joint venture with Eagle Hills and are proud to be playing a substantial role in this historic endeavour," Diyar Al Muharraq chief executive Dr Maher Al Shaer said.

”It will amplify Bahrain's reputation as a hub for real estate investment.

"The concept design works for it have already begun," he added. - TradeArabia News Service