Thursday, Dec 15, 2011
BEIRUT (Zawya Dow Jones)--Kuwait Finance House-Bahrain, or KFH-Bahrain, a fully-owned unit of Kuwait Finance House, is evaluating the offers of 20 contractors for a tender to build 200 residential units in the local Diar Al Muharraq mixed-use real estate development, Manama-based Al Wasat reports Thursday citing an executive.
Once this deal is awarded, KFH-Bahrain will launch within weeks additional tenders as part of a project that involves the construction of 3,000 residential units in Diar Al Muharraq at a total cost of 200 million Bahraini dinars ($530.4 million), Abdulhakeem Alkhayyat, KFH-Bahrain's managing director and chief executive, said according to the paper.
The Diar Al Muharraq development, covering an area of 4 square kilometers and involving the construction of 33,000 residential units, is a joint venture 51% owned by KFH-Bahrain with the remaining stakes held by Bahraini and other Gulf investors, the daily reports.
Newspaper website: http://www.alwasatnews.com/3386/news/read/614872/1.html
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
15-12-11 0612GMT
