Bahrain group to spend $265m on Nurana project
MANAMA, February 11, 2017
Bahrain-based NS Holdings Company plans to invest BD100 million ($265 million) over the next five years for infrastructure development work at its upcoming mixed-use project Nurana, located 9 km west of the capital Manama.
A $1-billion development owned by NS Real Estate Company, Nurana will come up on 2 million sq m of waterfront land overlooking the Bahrain Fort and in close proximity to the Seef area.
Manara, a leading real estate development company, has been signed up to develop and manage the project that will feature a mix of coastal villas, waterview apartments, retail, entertainment, tourism and office amenities.
The scope of work includes constructing a tunnel to link the Nurana to Marsa Al Seef, a $2.5-billion dream project of Global Banking Corporation (GBCorp), a leading Islamic investment bank, said a statement from NS Holdings Company.
Marsa Al Seef is conceptualised as the ultimate maritime lifestyle destination, a waterfront residential leisure city and one of the most exclusive waterfront developments in Bahrain and in the Middle East.
NS Real Estate chairman Yousif Abdulla Taqi said: "Investments of this magnitude in Bahrain are sufficient to stimulate a range of its sectors and stimulate the local market."
On the tunnel link project, Taqi said the total cost of constructing the linking tunnel will come to around BD20 million ($53 million), and will be jointly borne by NS along with the developers of Marsa Al Seef.
He lauded the wise leadership for its continuous support for the investment and infrastructure projects and direct co-operation with the real estate developers for the advancement of the real estate sector in the kingdom in line with His Majesty the King Economic Vision 2030, and to all the involved governmental bodies on the approval to study the establishment of a tunnel road between Nurana and Marsa Al Seef to link the two projects within Seef District.
The co-operation received from the esteemed government signifies its support towards infrastructural development, and to supporting the real estate projects in all its various forms, thus leading to a vibrantly active sector in the kingdom, stated Taqi.
"This is particularly evident in the series of decisions to allow a higher degree of flexibility in Bahraini investments and accordingly receiving further investment inflows," he added.
A major player in the kingdom, Manara had recently completed the infrastructural work on the first phase of the Investment Gateway – Bahrain project which spans over an area of 600,000 sq m and has executed major milestones that include the excavation and reclamation of the site, the infrastructure development with a cost totalling BD25 million ($66 million) that includes an electricity plant to generate 66 Kkilovolts, in addition to 29 substations to power the project'd developments.
The developmental milestones also included the laying of the road network and pedestrian lanes, as well as the lamp-posts that include underground electrical cabling through connectivity to both primary as well as secondary substations to power approximately 394 plots allocated for offices, showrooms, warehouses, handling services, sales and light industrial activities, said the Bahraini developer.
In addition, the sewage network has been developed as well as the water and irrigation system, rainwater drainage and communication cabling works, it added.-TradeArabia News Service