Gulf Investment House Acting CEO Mr. Bader Abdullah Al-Ali said that GIH has underwritten 10 million Bahraini Dinars of the capital of the Durrat Al Marina project in the Kingdom of Bahrain, about 15 per cent of the project's total capital. The project is a joint venture between Al Khaleej Development Company (Tameer) and Kuwait Finance House (Bahrian). GIH is now the exclusive promoter of the project in Kuwait.
Al Ali stated that the projected IRR of the Durrat Al Marina project is 25 per cent and the investment period is three years.
He also said that this project will be built within the Durrat Al Bahrain Project in the southern area of the Kingdom of Bahrain. Durrat al-Bahrain has a variety of luxury buildings including shops, villas, apartments, and recreation centers. It is one of the biggest real estate project in Bahrain - with a total value of $1.3 billion.
Al Ali commented that Durrat Al Marina project will gain important logistical support from all the concerned parties, including the government of Bahrain, who views the project as a significant backer of the national economy. Therefore, he added, the government will certainly provide all services in a record time, including the now-complete highway that links the project to Manama.
"This is the first development project in Bahrain's southern region, which is a powerful attractor of touristic investment. The strategic location of the project is a big advantage, especially after the opening of the highway that leads to the heart of the capital. The highway will also cross the proposed Al-Mhabba Bridge that will be built between Bahrain and Qatar."
Al Ali mentioned that Durrat Al Marina project will include 142 villas, 200 housing units, buildings between 3 and 30 floors high. In addition, to the marina, which is the heart of the project, this project will include commercial areas and other tourist and recreational centers.
Established in 2002, Tameer is a shareholding Bahraini real estate company with a current capital of $55 million and is listed in the Bahraini and Kuwaiti stock markets. Gulf Investment House owns a 15-per cent stake in the company.
© 2007 Al Bawaba (www.albawaba.com)
