06 August 2003
The Kuwait Finance House (KFH) has bought a 50 per cent shareholding stake in the Durrat Khaleej Al Bahrain (DKB) project from Dallah Al Baraka.
Executives from both companies announced the purchase yesterday, formalising the KFH’s role as a main owner in the billion-dollar waterfront development project.
“We’ve completed procedures to buy 50 per cent of the shareholding stake in the project,” KFH Bahrain General Manager Abdulhakeem Y. Al Khayyat said. Al Baraka group confirmed the sale, saying “the decision to sell was for commercial reasons. The deal affirms the popularity the project had gained and reflects the strength of the Bahrain economy,” Deputy chief Executive Abdulrahman A’Rowaiter said. “The group is still keen to invest in Bahrain and will continue to invest especially in real-estate projects.”
The DKB project comprises massive realty developments at the southern tip of the main island of Bahrain. It will have commercial and residential areas.
Al Khayyat said that the KFH bought the stake because it believed “DKB is going to be one of the most promising development projects in the Kingdom.”
KFH officials said that they had paid for the stake “at reasonable market rates.” It will take on the role of financing the project. “We studied the feasibility of the project and financial documents made the decision to buy out,” Al Khayyat said. “The project will attract local and international investors and allow people to have houses and properties by the sea. The buyers of properties from this project will never regret.”
Al Khayyat said that work on the DKB had progressed well. At the time of purchase, he said, over 100 units had been reserved while more reservations for purchases from local and international buyers were being finalised.
DKB General Manager Mahmood Abdulrahman said that one-fifth of dredging and reclamation work for the site had been completed.
He said that the project developers had started working on the huge aqua park which would soon be in its final stage. The DKB project is expected to be completed by 2008. Al Khayyat said that the first group of buyers of properties in the projects could have their units available by 2005.
He thanked the Government for support to the project which, he said, would be another added landmark in Bahrain. The KFH operates internationally. With the purchase of stake, the DKB project will be their biggest in Bahrain.
The Kuwait Finance House (KFH) has bought a 50 per cent shareholding stake in the Durrat Khaleej Al Bahrain (DKB) project from Dallah Al Baraka.
Executives from both companies announced the purchase yesterday, formalising the KFH’s role as a main owner in the billion-dollar waterfront development project.
“We’ve completed procedures to buy 50 per cent of the shareholding stake in the project,” KFH Bahrain General Manager Abdulhakeem Y. Al Khayyat said. Al Baraka group confirmed the sale, saying “the decision to sell was for commercial reasons. The deal affirms the popularity the project had gained and reflects the strength of the Bahrain economy,” Deputy chief Executive Abdulrahman A’Rowaiter said. “The group is still keen to invest in Bahrain and will continue to invest especially in real-estate projects.”
The DKB project comprises massive realty developments at the southern tip of the main island of Bahrain. It will have commercial and residential areas.
Al Khayyat said that the KFH bought the stake because it believed “DKB is going to be one of the most promising development projects in the Kingdom.”
KFH officials said that they had paid for the stake “at reasonable market rates.” It will take on the role of financing the project. “We studied the feasibility of the project and financial documents made the decision to buy out,” Al Khayyat said. “The project will attract local and international investors and allow people to have houses and properties by the sea. The buyers of properties from this project will never regret.”
Al Khayyat said that work on the DKB had progressed well. At the time of purchase, he said, over 100 units had been reserved while more reservations for purchases from local and international buyers were being finalised.
DKB General Manager Mahmood Abdulrahman said that one-fifth of dredging and reclamation work for the site had been completed.
He said that the project developers had started working on the huge aqua park which would soon be in its final stage. The DKB project is expected to be completed by 2008. Al Khayyat said that the first group of buyers of properties in the projects could have their units available by 2005.
He thanked the Government for support to the project which, he said, would be another added landmark in Bahrain. The KFH operates internationally. With the purchase of stake, the DKB project will be their biggest in Bahrain.
© Bahrain Tribune 2003
