Tuesday, Dec 11, 2012
(This article was first published on Monday.)
Bahrain's Diyar Al Muharraq Co., the property development arm of Kuwait Finance House Bahrain, said Monday it plans to launch a new residential real-estate project in Diyar Al Muharraq--a huge residential and commercial development in Bahrain.
The move comes after Diyar Al Muharraq launched the first phase of its Diyar Houses project in mid-2012, Diyar Al Muharraq Chief Executive Aaref Hejres said in a statement, adding units in the first phase have already been sold.
Mr. Hejres also said that a project to build a district in the Diyar Al Muharraq development in a Chinese architectural style is at the engineering design phase and will be launched next year.
The Diyar Houses project, whose cost will total about 1.2 billion Bahraini dinars ($3.18 billion), will comprise 33,000 units and will have an area of 2.2 million square meters, according to the statement.
Diyar Al Muharraq, which is being developed on 12 man-made islands off the northern coast of Bahrain's Muharraq city, aims to accommodate more than 100,000 people.
KFH Bahrain is a fully owned unit of Kuwait Finance House--the largest Islamic bank in Kuwait.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
(END) Dow Jones Newswires
11-12-12 0341GMT
