UAE's US $250 Million Allocation to Support Reclamation Works of Massive Housing Project
Abu Dhabi-UAE: 15 June 2015 Abu Dhabi Fund for Development
participated in the ground-breaking ceremony of Bahrain's East Sitra housing development project hosted by the Ministry of Housing of the Kingdom of Bahrain.
His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister of the Kingdom of Bahrain laid the foundation stone in the presence of His Excellency Engineer Basem Bin Yacoub Al Hamar, Minister of Housing in Bahrain, His Excellency Redha Abdullah Khouri Ambassador of the United Arab Emirates to the Kingdom of Bahrain, His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, as well as a number of senior officials in the Kingdom of Bahrain.
His Excellency Engineer Basem Bin Yacoub Al Hamar, Minister of Housing, said: "The East Sitra housing project is one of the initiatives in the Bahrain Housing Ministry's plan to build 25,000 housing units over the next four years. Conceptualized following royal orders to construct nearly 40,000 housing units in the kingdom to meet the country's growing demand for quality housing, the project has provided a strong impetus to the housing sector in Bahrain."
The UAE's US $250 funding for the massive housing project which will be implemented by the Ministry of Housing in Bahrain aims to support the construction of 4,000 housing units comprising all amenities and services, also includes a wide range of educational and healthcare facilities, parks and shopping centers. The contribution will be specifically allocated towards the reclamation works of East Sitra area prior to the commencement of actual construction works.
UAE's contribution in this project comes within a grant offered by the UAE to Bahrain in 2013 as part of the Gulf Cooperation Council (GCC) development program for Bahrain. The UAE Government offered Bahrain a grant of AED9.19 billion (US$2.5 billion) towards achieving social and economic prosperity for the people of Bahrain.
His Excellency Engineer Basem Bin Yacoub Al Hamar thanked the UAE for its supportive role in the development of this strategic project that reflected the depth of outstanding relations between the people of the brotherly countries.
For his part, His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, said: "The excellent bilateral relations between the UAE and Bahrain have achieved new heights across all sectors due to the continued support of the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Majesty King Hamad Bin Isa Al Khalifa, King of Bahrain. These relations are set to witness further progress through promoting stronger synergies between the people of both countries and achieving common development goals across all economic and social sectors."
Al Suwaidi also lauded the efforts of the Bahraini Government for its continued commitment to fulfilling the aspirations of the people of Bahrain for a better quality of life through the development of several housing projects at par with best-in-class quality and sustainability standards.
Al Suwaidi added: "The contribution of the UAE to this vital project articulates our priority to support sustainable development in the Kingdom of Bahrain, as well as improve the quality of housing provided in the Kingdom. We are confident this contribution will help enhance the economic and social prosperity of Bahrain's citizens. The UAE has previously collaborated to develop the housing sector in the Kingdom through contributing in financing the construction of the Sheikh Zayed Housing City in 1996, one of the key urban centers in Bahrain today.
ADFD Director General also revealed that ADFD's engagement in the development of Bahrain dated back to 1974, when the Fund contributed to the financing and management of 25 development projects that support infrastructure.
Established in 1971, Abu Dhabi Fund for Development (ADFD) is an independent national entity affiliated with the Abu Dhabi Government. To help developing countries achieve sustainable development, the Fund offers concessionary loans, manages government grant through the direct supervision of such aid in project implementation and makes long-term investments and direct contributions. Since its inception, ADFD has overseen the provision and management of AED64 billion towards financing 439 development projects in 76 countries around the world.
© Press Release 2015