MANAMA, 21 March 2007 -- Bahrain Bay Development B.S.C.(c) signed a letter of intent yesterday with an Indian joint venture consortium to acquire land and develop a $150 million prestige project within the Bahrain Bay master plan. The deal started a two-and-a-half year development timetable, targeting completion in 2010.

Shaikh Salman bin Hamad Al-Khalifa, Crown Prince of the Kingdom of Bahrain, early this week led a major delegation to expand economic relations between Bahrain and India.

The joint venture consortium consists of Ajmera Group, a $450 million conglomerate based in Mumbai, and Mayfair Housing, a major Indian urban residential property developer.

Together, they have developed over 30,000 units in the Indian market during the last decade, including some of the largest developments in India. Their commitment to Bahrain Bay marks their first development outside their home market, and they intend to develop one of the tallest residential buildings within the project, near the beach on the main canal of the masterplan.

"We are very pleased that once again, the quality of the Bahrain Bay project is proving attractive to major international investors from outside the Gulf region" Bob Vincent, CEO of Bahrain Bay, said. "This commitment from one of India's largest development groups represents a major strategic step for Ajmera and Mayfair Housing."

Recently, CapitaLand, one of Asia's largest real estate companies, entered a deal to develop the premium Raffles City concept within Bahrain Bay. "This latest announcement, representing further significant interest by investors from outside Bahrain, is another powerful endorsement of Bahrain itself, and the progress being made by Bahrain's Economic Board with the support of His Highness the Crown Prince" Atif A. Abdulmalik, CEO of Arcapita, the bank behind the Bahrain Bay project, said.

The project will house the Kingdom's first Four Seasons hotel, and it has also attracted European energy services giant Dalkia, which has invested $150 million into a joint venture whose first investment will be into building a world class waste and energy services facility for Bahrain Bay.

© Arab News 2007