Bahrain's iconic BD95 million ($250 million) Abraj Al Lulu development is now ready to receive residents, its developers have said.

Pearl Development Company chairman Mohammed Dadabhai made the announcement as Works Minister and Electricity and Water Authority (EWA) head Fahmi Al Jowder switched on power at the Al Suweifiya power sub-station, which would supply electricity needs of the three towers and neighbouring areas.

'All facilities at the towers are now complete and we are ready to have the first residents move in shortly,' said Dadabhai.

'This is a historic moment for us as this development has now been completed.'

Dadabhai appreciated the role of Bahrain's leadership for its support to the project and said personal efforts of Al Jowder had ensured power had been switched on before schedule.

'This shows the government's commitment to support investment projects involving the private sector.'

He said the Economic Development Board had also shown its commitment to several private investors' projects and was trying its best to tackle obstacles they faced.

Dadabhai said the towers will be occupied by around 500 families from Saudi Arabia and other GCC states, among others.

'Over a period of time, this will enhance the spending power and bring prosperity to the Bahrain economy.'

Dadabhai said many Gulf and expatriate families had chosen Bahrain as their second home to educate their children and due its strong infrastructure.

'Bahrain is now enjoying a strong and sound investment phase compared to other countries in the region despite an economic recession affecting the whole world.

'It is high time the public and the private sector worked together to provide efficient services and products and in order to maintain the investment momentum in Bahrain.'

Al Jowder said the EWA is committed to helping the private sector invest in projects in the country to promote trade and tourism.

'This BD6 million sub-station is also part of that process.'

The development has two 50-storey towers and one 40-storey tower.

Between them they house over 860 one, two, three and four bedroom apartments, 12 villas in the sky and a full complement of sports and recreational facilities.-TradeArabia News Service