Press Releases

Abu Dhabi Investment House Signs MoU with Al Areen to Develop Residential, Commercial Clusters at USD 335 million

14 May 2006

In significant partnership deal that underscores robust investor enthusiasm in the US$1 billion Al Areen development, Al Areen Holding Company today announced entering into an MoU with Abu Dhabi Investment House P.J.S.C (ADIH) to develop four residential and commercial clusters within the large-scale mixed-use project at a cost of USD 335 million.

These new projects will be spread over 235,295 square meters in a prime location on the southern region of the Al Areen development, offering magnificent views of the Al Areen Wildlife Park & Reserve. The project is expected to be completed in two years.

Sheikh Ahmed Bin Ali Al Khalifa, Chairman of the Al Areen Holding Company, said: “The sale of the clusters follows a series of strategic high profile investments in the Al Areen development. The Abu Dhabi Investment House is a leading financial and investment institution in the Gulf region, and we are proud to partner with them to further the development of Al Areen”.

“The new residential and commercial projects will form an important landmark within Al Areen along with its other components, underlining the diversity of this prestigious development,” added Sheikh Ahmed.

Mr. Rashad Janahi, Chief Executive Officer of ADIH, said: “We look at our association with the Al Areen development as a strategic milestone, building on our reputation as one of the leading investment companies in the Gulf. We consider our involvement in Al Areen as an opportunity to take part in the booming development of Bahrain’s infrastructure.”

ADIH is promoted by leading financial institutions, a group of prominent businessmen and investors from the Gulf. It focuses on the existing and emerging potential in private equity, corporate finance, real estate, asset management, investment placement, and has interests in managing Initial Public Offerings (IPOs) and buying and selling domestic and international securities.

“In the last over one year since inception, ADIH has been associated with major landmark infrastructure projects across the region including the US$600 million Beirut Gate, Energy City Qatar and The Lagoon on Amwaj Islands. Our various investment instruments linked to these projects, apart from other offers, have been well received and we are confident that Al Areen is another significant investment opportunity to maximize returns for our clients,” Mr. Janahi said.

ADIH brings together an innovative team which spots ventures that are strategically important to investors and clients. Their investment plans are in sync with the economic and social development of the region.

The main components of the Al Areen development are the Banyan Tree Desert Spa & Resort and “The Lost Paradise of Dilmun” Water Park, which are both expected to open for operation this year. Al Areen has recently announced the launches of the Al Waha Resort, the Domina Hotel & Resort engulfing the water park, and Downtown Al Areen. The development will also feature additional projects that will be announced shortly, including residential, commercial, hospitality, recreational, and entertainment facilities.