Abu Dhabi Investment House (ADIH) and Kuwait based Sorooh Investment Company, today announced awarding BD 20 million (over US$ 53 million) worth of construction related deals for its landmark US$ 100 million Sunset Hills project within Al Areen Development Project in Bahrain. The deal at a total financial consideration of BD 20 million includes infrastructure and main construction works for Sunset Hills.
The contract was signed by Mr. Rashad Janahi CEO of ADIH and Mr. Jalal Al Ali CEO of Ahmed Mansour Al-Ali, in the presence of Mr. Mohammed BuQais CEO of Sorooh Investment Company, during a press conference held at the Customer Relations Centre and headquarters of Al Areen Holding Company on Monday 11 June, 2007.
As per the arrangement, Ahmed Mansour Al-Ali Company will be responsible for the project’s infrastructure, in addition to all construction works. Operations will be carried out on three phases starting this week. Dheya Towfiqi Engineering Bureau will work as a consultant for the project, while Bonyan International will be entrusted with managing it.
Valued at more than US$100 million, the mixed-use venture will be home to a self-sustained community featuring a mix of residential and commercial facilities such as luxury villas, town houses, terraced apartments, and apartment blocks for shops and residences.
Scheduled for completion in 2009, Sunset Hills is strategically located in the prestigious US$1.2 billion Al Areen Development Project and offers breathtaking sunset views to its residents. Sunset Hills covers approximately 44,000 square meter at Al Areen’s southern gateway, and its built-up area is over 60,000 square meter.
CEO of ADIH, Rashad Janahi, commented on this agreement by saying: “Once Sunset Hills construction is completed it will be the talk of the town because of its distinguished location and unique components. It will include 300 residential units of villa, town houses, luxury apartment, multi-purpose buildings and a Club house. This announcement today comes immediately following our signing of an agreement to develop Porta Reef project within the Reef island project in Bahrain.”
Mr. Janahi added: “We are pleased to announce the launch of an investment fund to finance this project in cooperation with Sorooh Investment Company. We expect that the return on investment to reach 20% annually during the investment's 30-month period. ADIH is known now for achieving higher returns than the market levels during short to medium time periods.”
Mohammed BuQais, CEO of Sorooh Investment Company, said: “As strategic partners we will work together to achieve best returns for investors. We will also manage this investment fund that mainly targets banks and financing companies, as well as HNWI in the Gulf region.”
On the other hand, Mr. Jalal Al Ali, CEO of Ahmed Mansour Al-Ali (AMA), said: “Sunset Hills is our second project with ADIH, after The Lagoon Bahrain which progressing according to schedule. We are proud of this trust which demonstrates a real partnership for developing distinguished real estate projects in Bahrain. Undoubtedly, AMA complies with the best quality standards and international specifications in all our works.”
ADIH is promoted by leading financial institutions, a group of prominent businessmen and investors from the Gulf region, mainly from Abu Dhabi, one of the main financial and economical centers in the region. It focuses on the existing and emerging potential in private equity, corporate finance, real estate, asset management, investment placement, and has interests in managing Initial Public Offerings (IPO's) and buying and selling domestic and international securities. ADIH enjoys very distinguished relations with many leading financial and investment institutions and decision makers especially in the GCC and Europe. ADIH currently have three ongoing projects in Bahrain: the Lagoon in Amwaj islands, Reef in the Reef Island and Sunset Hills in Al Areen development.
Sunset Hills is Sorooh's second major project after The Avenue of Dubai Sunset Hills project comes in line with Sorooh interest and commitment to establish strategic partnerships with the regional companies of same activities, diversify its investment to minimize risk and maximize shareholder's equity. At present, Sorooh is contemplating and studying a range of projects in Kuwait and throughout the Arabian Gulf with a special focus on BOT our main activity, BOT Finance Investment. Sorooh aspires to play a major role in this field locally following the new law that enables the private sector to execute BOT projects and organize its methods of investment.'
Al Areen Development is one of the most important real estate projects in Bahrain, and spread over an area of 2 million square meters in one of the most beautiful desert regions in Bahrain, near Al Areen wildlife park. Major components of the development include the recently opened Banyan Tree Desert Spa and Resort - Al Areen, “The Lost Paradise of Dilmun” Water Park which will be inaugurated in the coming summer, Hotel Al Areen, Al Waha Resort, Downtown Al Areen, Sarab Al Areen, Oryx Hills, and Sunset Hills, and other residential villages, entertainment and recreational facilities.
© 2007 Al Bawaba (www.albawaba.com)
