Real Estate Al Buhair Residential Project’s set to complete in <strong>2018</strong> Nearly 64% of the work has been completed at the 227-unit government housing project located in the Al Buhair region of Bahrain, said kingdom’s housing minister, Bassem bin Yacoub Al Hamar. Cityview Residential Tower Cityview Real Estate Development Company (Cityview), a Bahrainbased real estate development company, announced that it has successfully completed the Company’s Cityview building. The Cityview project, a residential tower in the Seef District across the road from Dana Mall, was put on hold in 2011 due to circumstances beyond anyone’s control. The announcement of the Project’s completion makes it the only project of its kind in Bahrain to be resolved internally, without external intervention after Ithmaar Bank, one of the shareholders, provided the necessary financing. Ithmaar Holding, an investment firm listed on the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market, owns through its subsidiary 51 percent shareholding in Cityview. Cityview Chairman, Abdulhakeem Al Mutawa said, “This achievement is the result of many entities and people from various technical and financial teams working closely together and creating powerful synergies. These include governmental entities, Ithmaar Development Company (IDC), which represents Ithmaar Group, Dheya Tawfiqi Engineering Consultancy Bureau W.L.L. (DTEB) as the Project Consultant, Poullaides Construction Company (PCC) as the main contractor of the Project and The entire construction of the 310,000 square meters residential development will be over by the end of this year. The minister pointed out that it was one of the main housing projects within the ministry’s plan to build 25,000 new homes in collaboration with the private sector under the Government Action Plan (2015-<strong>2018</strong>). The project comprises more than 600 units to be implemented in stages, and features excellent amenities and facilities. Al Hamar said the ministry was committed to its goal of building 40,000 residential units across the kingdom within the specified time frame at the directives of His Majesty King Hamad bin Isa Al Khalifa. Ithmaar Bank’s Home Finance team.” “Meanwhile, as part of the handover procedure, we individually invited existing buyers for an official inspection of their apartments so the contractor rectifies any observations they might have. The building is now fully operational with all utilities functional after having received all municipal and authority approvals,” said Al Mutawa. “In fact, with the de-snagging works completed, and the testing and commissioning successful, we are handing over the building to Olive V.F.M (a wholly owned subsidiary of Ithmaar Holding), the appointed facility management team who will be welcoming the first residents,” he said. The Cityview building comprises a total of 88 apartments offering amenities such as a gym, health club, and swimming pool dedicated to the residents. Edamah signs Lease with Trafco B ahrain Real Estate Investment Company (Edamah) and logistics company Trafco Group have renewed a lease that will see Edamah provide land from its portfolio for Trafco projects. “We are delighted to announce that Edamah intends to extend its collaboration with Trafco Group. Edamah is fully committed to supporting Trafco in its initiatives to develop the Food and Beverage industry in Bahrain, which plays a key role in advancing the Kingdom’s economic diversification and food security agenda,” Edamah CEO, Mr. Amin Al Arrayed explained. “This agreement is in line with Edamah’s commitment to supporting and strengthening vital private sector projects, increasing the private sector’s contribution to the national economy, and advancing sustainable development,” he continued. Mr. Al Arrayed highlighted the increasing importance of the private sector within the national economy, adding that the impressive growth of private enterprise in recent years has encouraged state investment companies to continue their investment pipelines. Trafco Chairman, Mr. Zainal, added, “We are keen to put on record our appreciation to Edamah’s Management for supporting Trafco Group’s projects. The collaboration and assistance we have received from Edamah has enhanced our ability to provide logistical services and reinforce Trafco Group’s position in the local Food and Beverage industry - one of the most important sectors for the citizens and residents of Bahrain.” The lease comes as Edamah embarks on it’s new strategy after the appointment of a new board of Directors and CEO. Edamah projects include the Sa’ada waterfront development and the newly opened The Terminal in Adliya. In addition, Edamah will also concentrate on the industrial and leisure and entertainment sectors. 44 <strong>Sep</strong>tember-<strong>Oct</strong>ober <strong>2018</strong>
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