MANAMA, BAHRAIN 07 October, 2008 -Ithmaar Development Company (IDC), the development arm of the Bahrain-based Ithmaar banking group, unveiled plans to build an iconic forty-four storey building as well as a mixed-use freehold and serviced apartments development project that will include a 240-room four star business hotel in Bahrain.

IDC Chief Executive Officer, Mohammed Khalil Alsayed made the announcement following the opening of Cityscape Dubai 2008. The event, now in its seventh year, is widely recognised as the largest business-to-business real estate investment and development event in the world. It attracts regional and international investors and provides an annual forum that celebrates the very best in real estate, architecture, urban planning and design from around the world.



Aerial view of Dilmunia.




IDC Light of Bahrain.




IDC Reflections of Bahrain.


At the event, which was reportedly attended by an estimated 60,000 participants from more than 150 countries, Alsayed unveiled IDC's plans to build "Light of Bahrain", a mixed-use freehold and serviced apartments development in a 44 storey iconic structure as well as "Reflections of Bahrain", a development project that will include a 240-room four star business hotel, restaurants and a retail arcade.  Both projects will be built near the Shaikh Hamad causeway that links Muharraq to Manama and are, currently, in the "concept stage" with their project objectives set and components agreed upon. Detailed architecture designs are to commence shortly.

"DP Architects have been appointed as the concept Design architect for both projects and other professional firms are to be appointed later in 2008," said Alsayed. "Details of units will be firmed up after we approve the architectural designs by the end of 2008 but we already know that the apartments are expected to be in an assortment of sizes, in line with market offerings in Bahrain," he said.

IDC is also showcasing its flagship development, Dilmunia, a $1.6 billion man made health island, at Cityscape Dubai 2008.  Reclamation works are well underway on the 1.25 million- square- metre island, Dilmunia, which will transform the north east coast of Bahrain and is set to revolutionize health care in the Kingdom and turn it into a hub for international health tourism.

Dilmunia will feature state-of-the-art facilities such as a diagnostic centre, nutrition and diabetes centre, cosmetic surgery, aesthetic medicine centre, women and children centre, alternative medicine centre and sports medicine centre. The project will highlight holistic well being through its wellness centres and a range of five star deluxe spas and boutique hotels, as well as provide facilities for residential clusters, commercial facilities and recreational amenities.

"IDC's man-made island will be a major boost to Bahrain's and the region's health and tourism industry and we expect to generate substantial opportunities for growth and employment as this landmark, mixed- use development nears completion," said Alsayed. "As we begin to execute our multi-billion project portfolio, IDC aims to add long-term value to our investors by introducing unique real estate developments to the GCC region," he said.

IDC's $175 million 38-storey office and hotel tower project, which is to be located off Bahrain's Seef District, is also being featured at the exhibition.

-Ends-

About Ithmaar Development Company:
Ithmaar Development Company was set up by Ithmaar Bank in 2006 and has been mandated to manage and execute major development projects, with a focus on real estate, infrastructure, resorts, hotels, medical facilities and commercial buildings. Ithmaar Development Company's activities also include, among others, management and development of property and related consultancy services, as well as facility management.

IDC's initial portfolio of projects consists of the Health Island project, Aljazayer Beach Resort, and a hotel/office tower project. The total value of these prestigious developments is estimated at around $3.3 billion.

The $1.6 billion Health Island (Dilmunia) entails the creation of international standard health and wellness facilities in a resort-style environment. The project will be constructed on a man-made island off the north-east coast of Bahrain and will include a state-of-the-art diagnostic centre, nutrition/diabetes centre, cosmetic surgery, aesthetic medicine centre, women and children centre, alternative medicine centre and sports medicine centre. The project will also include deluxe spas and boutique hotels as well as residential clusters, commercial facilities and recreational amenities.

The $1.5 billion Aljazayer Beach Resort project involves the creation of a world class leisure, family tourism and entertainment facility in the southwest coast of Bahrain. The facilities will include public beaches, several hotels, marinas, a theme park, a water park, an aquarium, a cultural center, a commercial district, residential units and chalets.

The hotel/office Tower project, estimated at $175 million, comprises a hotel that includes service apartments and an office complex, and will be located off the up-market Seef District of Manama. The hotel will be a luxurious family-oriented property, which will be the first of a chain of hotels that Ithmaar Development Company and its parent company Ithmaar Bank will develop within and outside the GCC countries.

Ithmaar Development Company is confident of establishing a sterling track record and setting a benchmark in conceptualising, developing and executing such world class projects in the fast growing regional real estate and property sector. Ithmaar Development Company's professional team is led by its CEO & Member of the Board, Mohammed Khalil Alsayed, who has a distinctive track record of leading major development and infrastructure projects.

For more information please contact:
For further information, please contact
Taimour Raouf,
Director,
Group Public Relations,
Ithmaar Banking Group
+973 39616434

Press Release 2008