Development work as per contract for this signature project, which is Bahrain's most advanced and BFH's first residential component, to be completed by Q1 2010

Manama, Bahrain, 19 August 2007: Gulf Holding Company (GHC), today announced the signing of a US$ 380 million construction contract to renowned construction major Al Hamad Contracting Company for the setting up of its flagship project the 'Villamar @ the Harbour'. This US$ 620 million Signature Project is Bahrain's most advanced and the Bahrain Financial Harbour's first residential component.

Commenting on the announcement, Mr Ahmed Al Ameer, Vice-Chairman and Chief Executive Officer, Gulf Holding Company, said: "We selected Al Hamad Contracting Company post an   in-depth audit of a host of highly competitive bids submitted by a host of regional and global construction majors vying for this highly distinguished project. Our key selection criterion was to ensure that the selected company matched the best professional and technical global standards. Additionally, the US$ 380 million which is the value of this construction contract is a part of the total estimated investment volume of US$ 620 million in this project which is to be completed in the first quarter of 2010."  

Elaborating on the global response to the contract Mr. Al Ameer, said: "The contract for the development of Villamar @ the Harbour evoked huge response from global firms, which is a significant reflection of the interest generated by the project as well as the enthusiasm to participate in Bahrain's booming and dynamic real estate market. He added that this developmental project, which includes a unique and distinctive design concept of the twisted towers, falls within the "Signature Series" devised by the Gulf Holding Company to create a bank of highly distinguished global projects. He also said that this project is one of the most sophisticated and largest multi-use projects witnessed by the Kingdom of Bahrain.

"Furthermore, given the stature of this development which, on completion, will most definitely be Bahrain's most advanced and exclusive residential complex and given our focus on absolute quality, it was imperative that we associate with the best qualified partners for Villamar @ the Harbour. The selection of Al Hamad Contracting which has an impressive pedigree and construction track record is a natural extension of this focus. However, this contract excludes piling work which has already commenced at the development and the contract for which was already awarded by us to a company specialized in this field," Mr. Al Ameer added.

Elaborating on the award of the tender, Mr. Craig Oldfield, Chief Development Officer, GHC, said: "Our selection of Al Hamad Contracting, follows a strict and assiduous round of scrutiny of the bids against global benchmarks. We were convinced that Al Hamad with vast regional expertise is the ideal partner to develop the prestigious Villamar @ the Harbour development, We are confident that they would do so as per schedule in Q1 2010, while maintaining the highest standards of quality."

Scheduled for completion in June 2009, Villamar @ the Harbour is a signature development and one of the only such projects in the region which is built along 'Focused Design' principles and features some of the most advanced technological features such as next generation security systems, automated-covered walkway designed to shield tenants from the harsh summer days, amongst several others. Furthermore, it boasts of five design elements namely, the Lifestyle Apartments, Terrace Podium, Sky Villas, Terraced Villas and the Twisting Towers, which is the second of its kind in the entire Middle East region. Furthermore, Villamar @ the Harbour

Commenting on the award of the contract, Mr. Nashat Farhan Sahawneh, Chairman, Al Hamad Contracting Company said: "The development of Villamar @ the Harbour is one of the few projects of its kind in the region and is considered by most specialists as amongst the most difficult and challenging assignments both from a technical as well as logistics point-of-view. It is truly a state of the art project considering its unique shape, the security systems involved and of course its location. Thus winning this contract is indeed a highly prestigious milestone for us. We also consider it as a challenging assignment that offers us the opportunity to further showcase and prove our technical and intellectual capabilities to both regional and global audiences."

Founded in 1985, Al Hamad Contracting Company is one of the regions premier contracting companies with a robust client portfolio that includes the regions and Bahrain's leading real estate developments. By advancing the expertise and knowledge of its 18,000 employees, Al Hamad has over the years gained a reputation for providing its clients with the most reliable solutions for their most complex and challenging projects. Furthermore, the company engages the latest technology across its various construction divisions and consistently upgrades it.

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About Gulf Holding Company (GHC)
Launched in November 2005, in the State of Kuwait, Gulf Holding Company is a Sharia'a compliant company. It has been specially set up to initially offer cutting-edge real estate investment products and services. In the long-term the company aims at diversifying in to a trusted holding company that boasts of smart, intelligent and value driven investment products and services. Core to its business model is the Signature Series which not just ensures Gulf Holding Company and its investors' higher premiums and returns, through the exclusivity quotient, but also a very strong differential.  

With a total paid-up capital of US$ 243 million approx., Gulf Holding Company recently recorded a net profit of US$ 40.5 million approx in its first full year of operations with total assets rising by 43.5 per cent to US$ 345.7 million for fiscal 2006. 

Today, the company already boasts of investments totalling US$ 1.25 billion including in two large-scale real estate developments in the Kingdom of Bahrain, namely: Villamar @ the Harbour at the Bahrain Financial Harbour and Downtown Al Areen at the Al Areen development. 

For further information please contact:
Nikhil D Rozario
Dolly Nadar
Percept Profile Gulf,
tel: 00971 4 3446373
email: dolly@perceptprofilegulf.com
email: nikhil@perceptprofilegulf.com

© Press Release 2007