Jeddah - Ithmaar Development Company (IDC) exhibited its flagship Project at the regional property event Citycape Jeddah and announced the completion of the preliminary development phase; encompassing reclamation, master-planning and infrastructure design. Conceived and developed by IDC, located in Bahrain, the US$ 1.6 billion Dilmunia project is targeted to become the region's biggest wellness and vitality location, providing a prospering community with a balanced lifestyle.
Created to take advantage of the burgeoning health and wellness industry, Dilmunia offers investors with an opportunity to develop projects designed to tap into this fast growing industry. As per a report from the Deloitte Center for Health Solutions, global tourism for health and wellbeing alone is estimated to grow to an estimated US$ 100 billion by 2012. Commenting on the project, IDC CEO Mohammed Khalil Alsayed said "We are proud to announce the completion of the preliminary phase of the project and are now preparing to tender for infrastructure construction. We will hit another milestone in Q4 2011 when we commence infrastructure development, strongly reaffirming our belief in the feasibility of well planned projects in Bahrain."
During the conference, IDC also highlighted its recognition of the tremendous opportunities that the affordable housing space in the Kingdom of Saudi Arabia offers. IDC plans on being a key regional player, assisting governments in their endeavour to fulfil the overwhelming demand for affordable housing in the coming years. To this end, it has developed specific expertise in the field of affordable and social housing public private partnerships, which is of significant relevance to the GCC markets.
Commenting during the conference, IDC CEO Mohammed Khalil Alsayed said, "Over the past year, the KSA government has announced that it will be allocating up to US$67 billion to construct new housing, in addition to previous funding that was already dedicated through the 2011 budget. This investment presents an unprecedented opportunity for domestic and international developers alike.
IDC has a track record of completing the entire process, from initiation to financial close. Assembling a dynamic, high performance team operating under extremely challenging deadlines, and delivering a progressive solution to one of the region's most pressing requirements.
We look forward to bringing the expertise we have demonstrated in addressing the Social housing gap in Bahrain to the Kingdom of Saudi Arabia. "
IDC's business model of contemporary, modern and flexible housing types is very relevant for the KSA Market. Moreover, IDC developments adopt a model of building truly holistic communities, which are also expected to witness a rise in demand throughout the Kingdom of Saudi Arabia.
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Editor Note
Established in 2006 by the leading regional investment organisation, Ithmaar Bank, IDC is one of the Middle East's most innovative real estate development partners.
Since its creation, IDC has launched projects with a total estimated development value of US$ 3.5 billion. IDC are also founding shareholders of Naseej, the fully integrated real estate and infrastructure company.
IDC's flagship project Dilmunia, a man-made wellness island off the northeast coast of Bahrain incorporates state-of-the-art health facilities, deluxe hotels and spas, lifestyle attractions, environmental interaction and residential luxury. The concept has been extended to Essaouira in Morocco where the MOU has already been signed with the Moroccan government and preliminary feasibility studies have been undertaken.
For more information on IDC please contact Safiya@unisono.bh.
© Press Release 2011
