Kuwait - April 10 - Gulf Investment House CEO Badr Abdullah Al Ali said that GIH undertook 10 million Bahraini dinars of the capital of the Durrat Al Marina project in the Kingdom of Bahrain, which is equal to 15 per cent of the project's total capital. The project is a joint venture between Al Khaleej Development Company (Tameer) and Kuwait Finance House (Bahrian). GIH is now the exclusive promoter of the project in Kuwait.

Al Ali stated that the projected IRR of the Durrat Al Marina project is 25 per cent and the investment period is three years.

He also said that this project will be built within the Durrat Al Bahrain area south of the Kingdom of Bahrain. Durrat al-Bahrain has a variety of luxury buildings including shops, villas, apartments, and recreation centers. It is the biggest real estate project in Bahrain - with a total value of $1.3 billion.

Al Ali commented that this project will gain important logistical support from all the concerned parties, including the government of Bahrain, who views the project as a significant backer of the national economy. Therefore, he added, the government will certainly provide all services in a record time, including the now-complete highway that links the project to Manama.

"This is the first development project in Bahrain's southern region, which is a powerful attractor of tourist investment. The strategic location of the project, therefore, is one of privileges that encourage investment in it, especially after the opening of the highway that leads to the heart of the capital. The highway crosses the Al-Mhabba Bridge that will be built between Bahrain and Qatar" said Al Ali.

Al Ali mentioned that Durrat Al Marina project will include 142 villas, 200 housing units, buildings between 3 and 30 floors high. In addition, to the marina, which is the heart of the project, this project will include the commercial areas and the other tourist and recreational centers.

Established in 2002, Tameer is a shareholding Bahraini real estate company with a current capital of $55 million. Gulf Investment House owns a 15-per cent stake in the company, which is listed in the Bahraini and Kuwaiti stock markets.

-Ends-

About Gulf Investment House: 
Gulf Investment House, founded in 1998, is one of GCC's leading financial services companies. GIH is a private shareholding company based in Kuwait with a subscribed and paid up capital of KD 41.6 million (U.S. $ 142 million). With a diverse shareholder group, and a reputed Shari'a Board, GIH has the capability to access significant capital for the Private Equity, Real Estate and Direct Investments to form the core business activities of the Company.

© Press Release 2007