Eagle Hills, Edamah launch $4bln real estate company

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Eagle Hills International, an Abu Dhabi-based real estate investment and development firm, has signed a joint co-operation agreement with Edamah, the real estate arm of Bahrain's sovereign wealth fund Mumtalakat, to set up a new real estate development company - Binaa Al-Bahrain - at a total investment of $4 billion in the kingdom, reported BNA.

Announcing the launch today (February 21), Eagle Hills said the new entity, Binaa Al Bahrain, represents a strategic partnership between Bahrain's private sector and the UAE. It aims to support innovative real estate projects by leveraging its commercial partnerships with Edamah.

The new firm aims to contribute to the long-term development goals enshrined in the Bahrain Economic Vision 2030, creating multi-purpose projects for residential, commercial, and entertainment purposes.

This JV project seeks to create employment opportunities for Bahraini youth and improve the housing sector for Bahrainis and residents, it stated.

Binaa Al Bahrain aims to build sustainable projects that would preserve Bahraini identity and promote economic growth in the kingdom, it added.

Announcing the new venture, Mohamed Alabbar, the Chairman of Eagle Hills, said: "The launch of Binaa Al-Bahrain is within the efforts of His Highness Shaikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, and His Majesty King Hamad bin Isa Al Khalifa, to strengthen the Bahrain-UAE relations."

The new company follows the successful projects launched by Eagle Hills, like Marassi Al-Bahrain, to meet the needs of the Bahraini society and support the kingdom's national economic development efforts."

Eagle Hills International is known for its diverse projects across Europe, Africa, and the Middle East, including Marassi Bahrain in Diyar Al Muharraq.

"Binaa Al Bahrain will become a leading local real estate development company, with a portfolio of projects across strategic locations in the kingdom," he added.