SIII to commence construction of Manama’s Dream Island project
Canada’s Strategic Internet Investments (SIII) has been informed by Bahrain’s Robodh Contracting Establishment that all construction and dredging equipment has been mobilized to its Dream Island Resort Complex site and that dredging is scheduled to commence March 10, 2003 and expected to be completed in six months.
The dredging and reclamation work is being preformed by Robodh under the terms of a dredging contract with Star Leisure & Entertainment, Inc. dated August 2, 2002. The contract, valued at $5.075 million has been financed by SIII through the issuance of 1,268,750 Series "A" Convertible Preferred Shares in its capital, at a deemed price of four dollars per share.
The Dream Island Resort Complex is to be a 16.5-hectare (41 acre) man-made island approximately 250 meters offshore along the northeast coast of Manama, Bahrain. The project will be $132 million mixed-use resort development, comprised of a world-class hotel and spa, beach villas and marina residence.
Dream Island will be a self contained resort with facilities including an aquarium, swimming pools, a full entertainment center, water park, bowling and ice skating palace, boutiques, restaurants and cafes. Many other amenities will be offered including horse riding, health club, sports courts and a fully serviced marina.
Robodh was willing to convert their contract into equity in SIII, making a significant investment in the company and the Dream Island Project. The project is expected to be completed in 20 months will be financed further through pre-selling and debt financing. SIII expects to announce its pre-selling and marketing program in the second quarter of this year. — (menareport.com)
© 2003 Mena Report (www.menareport.com)