Press Releases

Al Zamil International Real Estate Company (K.S.C. closed) Announces its Intention to Develop the Al Areen Medical Complex within the Al Areen Development Project in the Kingdom of Bahrain

6th March 2006

Project combines medical complex and luxury serviced apartments worth US $80 million

In a press conference held at the Al Areen Holding Company headquarters, Al Zamil International Real Estate Company (K.S.C. Closed) announced its intention to develop a Medical Center within the Al Areen developmental that combines a medical complex and serviced apartments with total investments of US $80 million.

Mr. Musallem Mohammad Al Zamil, Chairman and Managing Director of Al Zamil International Real Estate Company, expressed his delight over the execution of this project in the Kingdom of Bahrain, which earned investors' trust regionally and internationally because of its investment environment and economic structure that provide the required stability for regional and foreign investment. He added that Al Zamil International Real Estate Company is currently involved in several real estate projects in the Kingdom of Bahrain.

Mr. Al Zamil said: "The Al Areen development is an exemplary model of a mix of regional and international investments, which affirms that what the project offers in terms of promising investment opportunities is based on solid foundations. We at Al Zamil International Real Estate Company are pleased to be a part of Al Areen. Al Areen Medical Center aims at developing a medical and residential complex that enjoys privacy in which residents will benefit from services that meet the highest international standards."

On this occasion, Eng. Waleed Saffy, General Manager of Al Areen Holding Company welcomed this announcement, saying: "Investments in the Al Areen development is continuously increasing, which reflects the project's attractiveness to reputable large-scale investment and development companies such as Al Zamil International Real Estate Company that took the initiative in developing a medical complex within the Al Areen development, which is truly one of its kind in the Kingdom and the region. Al Zamil International Real Estate Company benefited from the investment opportunities that the Al Areen development project provides."

Mr. Al Zamil revealed the project's details, saying: "The Al Areen Medical Center lies in an elevated spot within the Al Areen development. Its view from the south overlooks the world class Banyan Tree Desert Spa and Resort- Al Areen, the Al Areen Wildlife Sanctuary from the east, while the commercial area can be seen from the north. The project stands on an area of 63,000 square meters and costs US $80 million. It consists of a medical complex and residential areas.”

The Al Areen Medical Complex includes several facilities including a 5 star Rehabilitation Center, which consists of 20 wards and 100 beds, that will offer the highest international standards of service”.

The luxury serviced apartments comprises of around 200 rooms, a health club for males and females, a rotating tower restaurant, gardens, lakes, and super deluxe villas equipped with there own swimming pool, private parking, large greenery areas and a parking space that can take up to 300 cars. The project is a fully gated community with round the clock security.

Al Zamil International Real Estate Company (K.S.C. Closed) was established in Kuwait in November 1981. The company aims at maintaining its distinguished position, a position it has held over the years among the real estate and contracting companies in Kuwait. It is willing to obtain a similar position in the region based on more than 25 years of experience in this field and the exceptional pioneering projects it launched. Al Zamil International aims to create the highest of revenues for its shareholders through long-term and stable growth which it achieves by diversifying sources of income, restructuring a lucrative real estate portfolio and diversifying geographically and operationally.

Al Zamel International's main activities focus on owning, selling and purchasing real estate and lands and developing them in Kuwait and across the region; managing property and maintenance for others, in addition to owning, selling and purchasing shares and bonds for real estate companies. Other activities include preparing studies, providing consultation in the different types of real estate fields, and owning and managing health resorts and tourist facilities. All of the company's activities are Shariah compliant.

The Al Areen development is considered one of the most important infrastructure projects in the Kingdom of Bahrain with total investments exceeding $1 billion US dollars. This luxury, mixed-use health, residential and family tourism development spans over an area of two million square meters in one of the most beautiful desert areas in Bahrain, Horat Anqa. It will include the largest spa in the Middle East, the Banyan Tree Desert Spa & Resort, Al Areen, the state-of-the-art “Lost Paradise of Dilmun” Water Park, Al Waha Resort, Hotel & Resort Al Areen, Downtown Al Areen, Oryx Hills, Sarab Al Areen, and Sunset Hills. The development will also feature additional projects, including residential, commercial, hospitality, recreational and entertainment facilities.