Rashad Janahi: "The partnership highlights our commitment to supporting the local industry."
Bahrain - In a move that signals a major step forward in the development of The Lagoon Bahrain project and the expansion of the region's real estate and tourism industry, Abu Dhabi Investment House (ADIH) has awarded the construction contract for The Lagoon Bahrain to a leading Bahrain-based construction firm, Ahmed Mansoor Al A'ali Co (AMA).
Mr Rashad Janahi, CEO of ADIH, said: "AMA was selected after a thorough evaluation of a group of short-listed bidders that included local and international contractors.
"The high standard of work provided by the firm in the construction of the Bahrain Financial Harbour project, together with an exceptional performance record, has encouraged us to award AMA the construction remit of the The Lagoon Bahrain".
He added: "The award of the construction contract to AMA also highlights our intention to support the local industry in the market that we are investing in.
"In this instance, we have confidently selected a best-of-breed Bahraini company to play this significant role in The Lagoon Bahrain project".
According to Mr Nicholas Fraser, Executive Director of real estate at ADIH, the development of The Lagoon Bahrain is well on track : "We are enthused by the great response to the project from local, regional and global investors and can re-confirm that more than 60 per cent of the project has received contracted 'intention to purchase' from investors.
"Also, the piling activity at The Lagoon Bahrain is progressing well ahead of schedule, with more than 50 per cent of the 1042 piles already cast and on target to meet the mid-October piling completion".
This major announcement came only a few days after Davenport Cambell, the Architects of The Lagoon Bahrain, had unveiled the final version of the scale model of the project.
"The finishing touches to the project's landscaping and interiors have now been made. This signifies the rapid pace at which the landmark project is being developed," explained Mr Janahi.
The scale model of the project will spend its early days for public viewing at Abu Dhabi Investment House's office in Bahrain's Diplomatic Area, before it is moved to its permanent home at The Lagoon Bahrain's on-site, Customer Relationship Centre, The Lagoon Lounge, which is reported to be on track for a Ramadan launch.
Construction work to site offices and hoarding at The Lagoon Bahrain has now started. This includes purpose-built site offices that will play host to the project consultants and members of the ADIH project team from mid October.
Visit www.thelagoonbahrain.com for more information on The Lagoon Bahrain.
-Ends-
About The Lagoon
The Lagoon is a lively waterside retail and dining destination on Amwaj Islands off the coast of Muharraq in the Kingdom of Bahrain. It is a day and nighttime venue with the development strategy highlighting a vibrant nighttime environment. The project will emphasise Bahrain's urban development plans and attract the attention of Bahraini families and singles, as well as Bahrain tourists.
The total land area is composed of 55,500 square meters, comprising eight low-rise buildings that will house restaurants, cafes and various other retail outlets. The plots overlooking The Lagoon have a 1km walkway encircling the lagoon. The project is scheduled for completion by September 2007.
About ADIH
Established in 2005, Abu Dhabi Investment House is promoted by leading financial institutions and a group of prominent businessmen and investors from the Gulf region. ADIH has a growing portfolio of investments in the Gulf's infrastructure and property development.
Established with a paid up capital of AED 200 million, ADIH is focused on the existing and emerging potential in private equity, corporate finance, real estate, asset management and investment placement. ADIH advises investors on a variety of high-yielding and untapped investment avenues that will enable them to reap the rich dividends of the regional economic growth. ADIH also has interests in managing Initial Public Offerings (IPOs) and buying and selling domestic and international securities.
For Further Information on "The Lagoon":
Ineke Zondag
Real Estate
Marketing & Communications
Abu Dhabi Investment House PJSC
Tel: +971 2 6811 233
Fax: +971 2 6811 844
Mob: +971 50 6177 039
Email: izondag@adih.ae
Website: www.adih.ae
For Media Enquiries:
Tha'er Soukar
Euro RSCG Furness for Abu Dhabi Investment House
Tel: +971 4 3903032
Fax: +971 4 3918486
E-mail: thaer.soukar@eurorscgfurness.com
Ian Hainey
Tel: +971 4 3903030
Fax: +971 4 3918486
E-mail: ian.hainey@eurorscgfurness.com
© Press Release 2006
