Wednesday 17 April 2024

New $4bn JV launched to develop Bahrain real estate

MANAMA, February 21, 2024

Eagle Hills International, an Abu Dhabi-based private real estate investment and development company, has signed a $4 billion joint venture agreement to establish Binaa Al Bahrain, a newly formed real estate development company. 
The agreement, which brings together the private sectors of both the Kingdom of Bahrain and the UAE, will see Binaa Al Bahrain leverage its strong business relations to drive innovative and transformative real estate projects in the kingdom through a number of local partnerships with esteemed organisations including Edamah, the Bahrain Real Estate Investment Company, and Mumtalakat, the kingdom’s sovereign wealth fund.
Commenting on the alliance, Eagle Hills Chairman Mohamed Alabbar said: "The launch of Binaa Al Bahrain reflects the laudable efforts of His Highness Sheikh Mohammad Bin Zayed Al Nahyan and His Majesty King Hamad bin Isa Al Khalifa, to strengthen ties between both nations. The start of this fruitful partnership saw the launch of Marassi Al Bahrain, which has witnessed tremendous success in catering to the needs of the Bahraini community and supporting the Government’s economic development ambitions."
This joint venture will see us spearhead significant real estate projects across the kingdom, and demonstrate our commitment to continued growth and excellence anchored on collaborations with strategic partners in Bahrain and beyond.
Binaa Al Bahrain is poised to become a leading developer in the kingdom, boasting a portfolio of prominent real estate projects strategically situated across various governorates within Bahrain including the Capital, Muharraq, the Southern and Northern Governorates. 
In line with the Kingdom’s Economic Vision 2030, Binaa Al Bahrain aims to contribute to the long-term development of the kingdom through its iconic projects. 
The company will focus on creating mixed-use projects offering a wide range of residential, commercial and entertainment opportunities designed to elevate the overall local community experience. 
Supported by an ambitious corporate vision, the new joint venture strives to create future job opportunities for young Bahrainis in the real estate, hospitality and healthcare sectors. 
Future projects inaugurated through Binaa Al Bahrain will lead to a positive impact on housing for Bahraini citizens and residents, offering residential cities suited for all segments of the local community.
With a team of seasoned professionals focused on delivering high quality developments that cater to the needs of the people, the company is set to transform the kingdom’s real estate sector, building innovative, sustainable projects that preserve the Bahraini identity and foster continued growth and economic progress. 
Eagle Hills International, led by Alabbar, leverages its financial prowess, expertise and extensive networks to lead the development of large-scale, master-planned communities. 
The leading company focuses on projects designed to enhance local economies, provide holistic living and working solutions, and cater to both tourists and residents. 
Through its vast experience in the field, Eagle Hills has formed their various developments across high-growth markets in Europe, Africa, and the Middle East. Eagle Hills is currently spearheading the Marassi Al Bahrain project in Diyar Al Muharraq, among other transformative initiatives.-TradeArabia News Service


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