Landmark Bahraini development at world's premier real estate summit
Manama, Kingdom of Bahrain - 14 March 2009 - Durrat Al Bahrain, the Kingdom's largest planned luxury residential, commercial and tourist resort development, announced today that it exhibited at MIPIM 2009.
MIPIM is the world's premier real estate summit and is held annually in Cannes, France, and was held from 10 March to 13 March this year. Last year, the conference attracted more than 29,000 delegates from around the world. More than 6,800 professional real estate investors attended last year's conference, where more than 2,600 companies exhibited and 89 countries were represented.
This was the third year that the $6 billion island based lifestyle development exhibited at MIPIM, following its inaugural exhibition in 2007, which attracted a huge amount of investor interest.
Jassim Al Jowder, CEO of Durrat Al Bahrain, said, "MIPIM is a key marketing opportunity for Durrat Al Bahrain. It is without doubt the pre-eminent real estate summit globally and we built upon our success of the past two years, where we have seen significant interest in the project as potential investors recognised our ambition and innovation. Such is the attraction of the event that it really is a global show case of development projects for professional investors and developers from around the world.
"Despite the current state of the global credit markets, this year's MIPIM was positive for Durrat Al Bahrain, as many real estate investors, developers and hotel groups who have not been investing for the past six to twelve months are now looking at opportunities, particularly in regions which offer long-term growth prospects such as the GCC. Even over the short-term, the GCC is one of the few regions of the world which is currently forecast to show positive economic growth. Durrat Al Bahrain offers an attractive investment opportunity to commercial developers and institutional investors. The project offers a broad mix of investment potential across residential and commercial land and property, with different types of potential return, all based on the unique principle of an island-based resort city located in the beautiful waters of southern Bahrain."
Set in the azure waters of south Bahrain, the 21 km²? development will offer The Islands, designed into two circular rows of six Atolls and five Petals, are 11 islands of just over 1000 luxury residential villas, gardens and beaches in an enchanting setting offering a sanctuary of peace and tranquillity. Some of Durrat Al Bahrain's first residents started to move into their new homes at the end of January and the next few months will see more new residents moving into their villas in phases. The Crescent will be the urban hub of Durrat Al Bahrain, where residents and visitors will be able to lose themselves in a vibrant, cosmopolitan world of sensational dining experiences and exclusive designer shopping, right in the heart of Durrat Al Bahrain. Residents, businesses and visitors will not only be able to live island lifestyles, but they will also benefit from the Golf Course, an 18 hole golf course designed by Ernie Els, the world-renowned golf champion. The Golf Course will comprise a challenging course, a club house, a driving range, a luxury hotel complex and 1400 stylishly designed luxury residential villas and apartments arranged around landscaped waterways. In partnership with Tameer, Durrat Khaleej Al Bahrain will also offer The Marina, one of the region's leading marinas covering 700,000 m²?, offering 400 berths in a stunning location across three islands. Residents and visitors will be able to sail, jetski, cruise on a motor boat or simply soak up the quay-side activity.
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About Durrat Al Bahrain
Durrat Al Bahrain is owned by the Durrat Khaleej Al Bahrain Company, in which the Government of the Kingdom of Bahrain and Kuwait Finance House - Bahrain each hold a 50 percent stake. Durrat Al Bahrain, a 21 km?² area of pristine waters and untouched beaches, once complete, is expected to be approximately the size of Manama, Bahrain's capital city.
Durrat Al Bahrain has been planned as a world-class residential, commercial and tourist destination, offering a unique island based urban lifestyle. It is where the buzz of a world-class city meets the beauty and tranquillity of an island. Upon completion from 2010 it is expected that there will be more than 60,000 permanent residents as well as some 4,500 visitors a day.
The master planner/architect of the project is Atkins, the renowned engineering design and consultancy; project/development manager is KMC Bovis, a joint venture between the Kuwaiti Manager Company and Bovis Lend Lease and HAJ is the quantity surveyor for the development.
Media Contact:
Rasha Al Alaiwat
Financial Dynamics
Tel: 17 537 072
© Press Release 2009
