Tuesday, May 24, 2011
BEIRUT (Zawya Dow Jones)--Bahrain Bay Development, or BBD, a unit of Arcapita Bank and developer of the $2.5 billion Bahrain Bay project, is in talks with investors from Qatar, Bahrain, and China who want to buy the remaining 35% of the plots of land in the real estate project, Manama-based Al Wasat reports Tuesday citing an executive.
BBD had already sold 65% of the plots of land, Bob Vincent, BBD's chief executive, said according to the paper. About 95% of the project's infrastructure has been completed and the remaining part will be completed by August, the daily cites him as saying.
Vincent told Al Wasat that BBD is now evaluating the offers of eight contracting firms who are competing for the 44-storey Four Seasons Hotel project which will cost more than $350 million. The foundation and infrastructure works kicked off last summer at the hotel site located within Bahrain Bay development, the daily reports.
Newspaper website: http://www.alwasatnews.com/3181/news/read/562471/1.html
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
24-05-11 0825GMT
