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Ithmaar Development Company, Bin Faqeeh has announced a $45 million residential project at Dilmunia

May 5, 2014

A $45 million residential apartment project was announced today, following the sale of key plots on the Dilmunia at Bahrain island to Bin Faqeeh Real Estate Investment Company.

Dilmunia is a project of Ithmaar Development Company (IDC), which is a wholly-owned subsidiary of Ithmaar Bank, a Bahrain-based Islamic retail bank traded on both the Bahrain Bourse and the Kuwait Stock Exchange. Ithmaar Bank also acts as Dilmunia's Investment Manager.

The sale agreement, signed between IDC Chief Executive and Member of the Board, Mohammed Khalil Alsayed and Bin Faqeeh Real Estate Investment Company Chairman of the Board, Faisal Abdulwahid Faqeeh, covers the sale of strategically located plots, with details of the residential development itself due to be announced by Bin Faqeeh later this year.

"We are proud to welcome Bin Faqeeh to Dilmunia's growing family of high quality devleopments," said Alsayed. "Being a prominent real estate developer in Bahrain, with a large number of successful projects already built and in use, we are confident that they will fit in well among the world class developments that Dilmunia is attracting," he said.

The $1.6 billion Dilmunia at Bahrain development is mixed-use project built on a man-made island off the coast of Muharraq. Health and wellness is the main focus of the development. Dilmunia will include residences, hotels, leisure and shopping districts, and provide residents and visitors with wellness facilities and spas in a resort-type environment.

"Among the primary qualities that drew us to Dilmunia are its health and wellness theme, and the key role we expect it to play in transforming Bahrain into a regional hub for that industry," said Faqeeh. "along with the jobs and other economic benefits it will create in real estate and construction, this development will put Bahrain on the map as a major destination for health tourism, and we very much want to be a part of that," he added.

"There is a very real gap in the market for high quality projects like Dilmunia, which is not only a major real estate development, but also has a centrally managed theme that will give the island a unique character," said Faqeeh. "We look forward to continuing to work with IDC on this development and potential future collaborations," he added.

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Source: CPI Financial

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