12/13/2006, 00.00
BAHRAIN
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A ‘dream city’ to rise in Bahrain Bay

A real estate project covering two million cubic square metres for 25,000 residents is planned. Its price tag: US$ 2.5 billion. Leading real estate companies are involved.

Manama (AsiaNews/Agencies) – Crown Prince Shaikh Salman bin Hamad Al Khalifa announced an investment of US$ 2.5 billion to build a ‘dream city’ in Bahrain Bay. The new waterfront project will include commercial, residential and retail properties with outdoor cafes, shops, restaurants, high-rise buildings, condominiums, villas and luxury hotels. More than 25,000 people are expected to live in the new development, which is being built over an area of around two million cubic square metres and set for completion in 2011. The development will also feature the new global headquarters for Arcapita, which is expected to be completed by 2008.

Like other Gulf States, Bahrain is experiencing a real estate boom drawing tourists and investors from around the world. “We have had interest from developers in Bahrain, Saudi Arabia, Dubai and India, hotel operators from France, private equity banks from London prior to our formal launch,” said Arcapita global head of real estate Asim Zafar.

The Singapore-based CapitaLand is investing US$ 630 million into this, its first project in the Middle East.

“With its high gross domestic product growth, stable government and history as the regional centre for banking and other financial services, we consider that Bahrain offers a good investment environment for our investors,” said chief executive officer Martin Tan.

The European energy services giant Dalkia is also investing US$ 150 million in the project. (PB)

 

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