Wednesday, Apr 21, 2010
BEIRUT (Zawya Dow Jones)--Bahrain's property developer AAJ Holdings Co. is seeking partners for two local residential projects underway and valued at $3.4 billion and will resume work on a $15 billion project in Oman, Manama-based Al Waqt daily reports Wednesday citing a top official.
Ahmed Janahi chief executive of AAJ Holdings said according to the paper that his company is in talks with five potential partners for its $750 million Marina West development but hasn't yet completed the evaluation of the five offers that include one from Qatar's Bin Muhanna Holding.
In addition to Marina West, Bin Muhanna Holding is also in talks with AAJ about joining the Bahraini company's other projects that include the Uptown development in Manama's Seef district, Bin Muhanna's chairman Najeeb Al Noaimi told the daily.
The Uptown development, whose estimated cost is 1 billion Bahraini dinars ($2.65 billion), consists of high-rise buildings and is considered the largest of its kind in Bahrain, Al Waqt reports.
Moreover, Bin Muhanna has also joined Al Madina A'Zarqa, or Blue City development in Oman which has an estimated cost of $15 billion and in which AAJ Holdings owns a stake of 70%, the paper reports.
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This partnership is a new beginning for the project, which was halted for about four years because of a legal dispute, Noaimi said according to the daily.
Newspaper Web site: www.alwaqt.com
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
21-04-10 0829GMT
BEIRUT (Zawya Dow Jones)--Bahrain's property developer AAJ Holdings Co. is seeking partners for two local residential projects underway and valued at $3.4 billion and will resume work on a $15 billion project in Oman, Manama-based Al Waqt daily reports Wednesday citing a top official.
Ahmed Janahi chief executive of AAJ Holdings said according to the paper that his company is in talks with five potential partners for its $750 million Marina West development but hasn't yet completed the evaluation of the five offers that include one from Qatar's Bin Muhanna Holding.
In addition to Marina West, Bin Muhanna Holding is also in talks with AAJ about joining the Bahraini company's other projects that include the Uptown development in Manama's Seef district, Bin Muhanna's chairman Najeeb Al Noaimi told the daily.
The Uptown development, whose estimated cost is 1 billion Bahraini dinars ($2.65 billion), consists of high-rise buildings and is considered the largest of its kind in Bahrain, Al Waqt reports.
Moreover, Bin Muhanna has also joined Al Madina A'Zarqa, or Blue City development in Oman which has an estimated cost of $15 billion and in which AAJ Holdings owns a stake of 70%, the paper reports.
.
This partnership is a new beginning for the project, which was halted for about four years because of a legal dispute, Noaimi said according to the daily.
Newspaper Web site: www.alwaqt.com
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
21-04-10 0829GMT
