Ithmaar awards key Bahrain project contract
Manama, March 16, 2013
Ithmaar Development Company (IDC), a wholly owned subsidiary of Ithmaar Bank and a key developer and manager of major real estate projects in Bahrain, has awarded the infrastructure works for the first Phase of its Dilmunia project.
The pioneering $1.6 billion Dilmunia Island marked a major milestone today, with the award of an Infrastructure package relating to the ambitious 125 hectare island’s highways and roads, a distributor bridge crossing on top of Dilmunia's Grand Canal, landscaping and its power, water, sewerage and drainage, and telecommunications networks.
The first phase of Dilmunia's infrastructure is valued at $22.5 million and will take 24 months to be completed but will enable the completion of various sub-developments within the same timeframe, meaning that end-users can be handed the keys to their units by mid-2015.
Dilmunia at Bahrain is a mixed-use project built on man-made island that has already come up off the coast of Muharraq.
With a unique Health and Wellness anchor, Dilmunia will include residences, hotels, leisure and shopping districts, and provide residents and visitors with hospital facilities, spas and state-of-the-art wellness services in a resort-type environment.
IDC’s chief executive & member of the board, Mohammed Khalil Alsayed said, “We are proud to partner with Cebarco Bahrain, one of the largest and most reputable construction companies in the Kingdom for the project.”
Cebarco Bahrain, part of KAR Group is known for their work on the Formula One Circuits in both Bahrain and Abu Dhabi, Bahrain City Center and a number of infrastructure projects.
The contractor will be working closely with infrastructure designers Mott MacDonald Limited and cost consultants DG Jones & Partners to deliver the services for the landmark project.
“The awarding of infrastructure works for Dilmunia signals a solid vote of confidence by developers and investors alike, on Bahrain’s immediate prospects as also for the longer term,” remarked Alsayed.
Dilmunia aims to tap into the fast-growing health and wellness industry, which, as reported by Deloitte Centre for Health Solutions, is estimated to have exceeded $100 billion globally by the end of 2012.
In addition to this, Dilmunia’s location in close proximity to the Bahrain International Airport, and its easy access to Saudi Arabia via the King Fahad Causeway, gives it further appeal to international investors.
“Dilmunia, and the uniqueness of its concept, continues to generate interest from potential end-users, sub-developers and operators alike. We look forward to a busy 2013 in which we will initiate further development on the island”, said Alsayed.
"Dilmunia aims to turn the Kingdom of Bahrain into a world class health tourism destination, attracting millions of dollars in investment and creating thousands of highly skilled jobs in the process," he stated.
This announcement signals the commencement of an active phase of Dilmunia’s development, bringing this vision into reality, he added.-TradeArabia News Service