Ground breaking ceremony for major project
The Kingdom of Bahrain’s construction, real estate and, potentially, tourism industries all received a significant boost earlier today when Deputy Prime Minister, His Excellency Shaikh Khalid bin Abdulla Al Khalifa, launched the Dilmunia at Bahrain project at a ground breaking ceremony.
Dilmunia at Bahrain is a mixed-use project built on a man-made island 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 wellness facilities and spas in a state-of-the-art resort-type environment.
The ceremony, which was hosted by the project’s developer Ithmaar Development Company (IDC) at the island site, was attended by ministers, senior government officials, senior IDC and Ithmaar Bank executives, senior project partners, high net worth individuals and both current and potential investors in the project. IDC is a wholly owned subsidiary of Ithmaar Bank and acts as its developer and manager of major real estate projects spanning residential, commercial, hospitality, wellness/healthcare facilities, and infrastructure sub-sectors.
At the ceremony, HE Shaikh Khalid unveiled a commemorative sculpture to mark the formal start of the first phase of infrastructure works on Dilmunia at Bahrain. Earlier last month, IDC announced it had awarded the infrastructure package, valued at USD 22.5 million, to Cebarco Bahrain after completing a comprehensive tendering process. The package, relating to the ambitious 125 hectare island’s highways and roads, a distributor bridge crossing on top of Dilmunia’s Grand Canal, landscaping, its power, water, sewerage, drainage, and telecommunications networks, will take 24 months to be completed enabling the completion of various sub-developments within a similar timeframe. As a result, end-users can be handed the keys to their units by mid-2015.
IDC Chief Executive and Member of the Board, Mohammed Khalil Alsayed, thanked the Deputy Prime Minister for patronizing the event as well as for the Government’s long-standing support and encouragement of major development projects.
“I am delighted to announce that the pioneering USD1.6 billion Dilmunia Island has reached this critical milestone in its project development,” said Alsayed. “This milestone has significant and far-reaching implications for the Kingdom of Bahrain. It will, for example, help create potentially thousands of new jobs both directly and indirectly, bolstering the Kingdom’s key construction, real estate and tourism industries,” he said.
“This ceremony also marks an important step towards developing the Kingdom of Bahrain into a world-class health tourism destination,” added Alsayed. “This, in turn, helps attract millions of dollars in investment and contributes to further bolstering the national economy,” he said.
“Dilmunia at Bahrain is, by any definition, a key project both for us at IDC and for the Kingdom of Bahrain at large,” said Alsayed. “With the continuous support of the Government, the project is now taking a major step forward and is fast transforming from a bold, ambitious vision into a tangible reality,” he continued.
“Several entities have put in a lot of hard work for Dilmunia at Bahrain to reach this key milestone, and I would like to thank everyone involved including in particular, the Fund investors, the Fund managers and the Health Island company, amongst others, for making it possible,” said Alsayed. “The project is now fast taking shape and I am confident that, along with the recent improvement in market activity, the proposed launch of SeaVilla At Dilmunia in the near future, and the commencement of infrastructure works, we will achieve our collective aspirations,” he said.
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 US$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.
Cebarco Bahrain is one of the largest and most reputable construction companies in the Kingdom. A part of KAR Group, Cebarco Bahrain is known for their work on the Formula One Circuits in both Bahrain and Abu Dhabi, the Bahrain City Center and a number of major 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 Dilmunia project.
