Gulf Finance House B.S.C. (GFH), one of the leading Islamic investment banks in the Middle East, and Bahrain-based Dala Development Properties Management Co. W.L.L. (Dala Development Co.), on Tuesday signed a Memorandum of Understanding (MoU) to develop Two Seas – a visionary, 11 million square metres freehold island city project, which will be built on a man-made island located north east of the Kingdom of Bahrain.
Introducing Two Seas as a prime waterfront property development that will redefine the concept of luxury waterfront living in the region, Mr. Esam Janahi, Chief Executive Officer of GFH, which is the lead promoter and financial advisor of the project, said: “Two Seas will change the skyline of Bahrain, contributing to the redevelopment of the Kingdom.”
“The project, which will be developed in three phases over 11 million square metres, has immense investment potential, which will in turn contribute to the country’s economy by bringing inward investment thus complementing the policies of the Government of Bahrain,” he said.
“Two Seas will be a vibrant and exclusive waterfront community comprising residential clusters, luxury hotels, schools, hospitals, high-street retail opportunities, promenades, and other modern amenities.”
“Additionally, in keeping with its positioning, Two Seas will also host a variety of marine and nautical-related facilities, including quays, berthing services, and water sporting related infrastructure. In short, Two Seas will offer unparalleled high-class living in a serene setting close to the city,” Mr. Janahi said.
Commenting on the project, Mr. Saud Kanoo, Chairman, Dala Development Co., said that the indicated project cost of US$3 billion would only cover the land reclamation and infrastructure related work for the development. “The cost of the project is in line with the area land rates and we are working with several sub-developers and investment partners to develop the key characteristics and components of Two Seas.”
The project will also offer Bahraini nationals an opportunity to be partners in its growth through a subscription process and details are being worked out now, he said.
Two Seas will also stand to benefit from the Government of Bahrain’s drive to develop the area as a waterfront district of the Kingdom. “Backed by the support of the Government of Bahrain, marketing the project of share offerings has already started parallel with the development activities,” Mr. Kanoo said.
“As development partners to the prestigious Two Seas project, our mandate will be to create the entire infrastructure for the development, with details down to road and service layouts linking various parts of the development without upsetting the tranquility of waterfront living and the environment,” Mr. Kanoo added.
Elaborating, Mr. Jameel Ali Al Matrook, CEO, Dala Development Co., further said: “We have appointed Scott Wilson (UK) to study the location and develop the master plan for the project. The reclamation and infrastructure development of the first phase will begin end of 2005.”
“The first-phase land and infrastructure development will be 9.7 per cent of the entire project - spread across 2.5 million square metres will be completed in 18 months. The second phase will entail development of 3.5 million square metres, comprising 13.5 per cent of the Two Seas project and the rest will be developed in the third phase,” Mr. Al Matrook added.
Commenting on the project, Mr. Abdul Rahman Al Jasmi, Deputy Chief Executive Officer of GFH said: “Two Seas is GFH’s third landmark infrastructure development project in Bahrain, apart from the US$1.3 billion Bahrain Financial Harbour (BFH) and the US$750 million Al Areen Development. BFH is an integrated project with a strong focus on the financial industry, and will reinforce Bahrain’s status as the Middle East’s hub of the financial industry, while Al Areen will enhance the image of the Kingdom as the preferred family tourism destination.”
© 2005 Mena Report (www.menareport.com)
