Press Releases

Rasmal Holding Company Unveils Master Plan for Sarab Al Areen

11 June 2006

Project consists of a commercial centre, residential units and a hotel with a total investment of US$300 million

Kuwait-based Rasmal Holding Company today announced the launch of Sarab Al Areen. The project, being launched under the patronage of HE Sheikh Khalid bin Ahmed Salman Al Khalifa, Minister of the Royal Court, Kingdom of Bahrain, was unveiled along with its master plan, model and design at a special event held at the Al Areen headquarters. which is jointly sponsored by Gulf Development Real Estate Company (GDREC) and Kuwait-based Kuwait Finance & Investment Company (KFIC), is aimed at developing various Bahrain and GCC based real-estate opportunities. Rasmal Holding Company, whose maiden project is Sarab Al Areen, will take part in, conceive and execute real-estate projects which positively contribute to the economic growth of Bahrain and the region.

The Chairman of Rasmal Holding Company, Mr. Nasser Ali Al Attar, expressed his appreciation to HE Shaikh Khalid bin Ahmed Al Khalifa, Minister of the Royal Court for his patronage of the event. He also expressed his enthusiasm in carrying out this project in the Kingdom of Bahrain, which has gained the confidence of investors from all over the world with its lucrative investment opportunities. The investment climate in Bahrain offers the stability that foreign investors are looking for, and Al Areen represents a fine example he stated.

Mr. Al Attar said, “Al Areen represents a unique example of an integrated project in terms of attracting investments from Bahrain, the region and globally, a fact that is well demonstrated by the solid base of investment opportunities it offers. Rasmal is glad to join the Al Areen community. The goal of Sarab, located in the context of Al Areen’s master plan, is to be the preeminent and most exclusive retail and residential environment in the region”.

Al Areen Holding Company is proud that investments in the Al Areen development are continuously increasing; this reflects the solid and ongoing commitment from major development companies, such as Rasmal Holding Company, that are taking advantage of the opportunities offered by Al Areen as it is one of the leading tourist attractions in the region.

Mr. Ahmed Yousif Abdullah, Project Development Manager of Gulf Development Real Estate Company and the project director, added, “Sarab is one of the most exciting new projects taking shape in the Kingdom of Bahrain. Strategically positioned at the northern west tip of the Al Areen development, forming a landmark gateway to the development and overlooking the Bahrain International Circuit, Sarab is conveniently positioned to welcome its visitors from all around the region. Sarab will act as the commercial hub for Al-Areen and the surrounding areas. It is being developed over an area of 176,000 m², with a total investment of US$300 million.”

The master plan was designed by Callison Architecture Inc., a reputed international design company. The local architecture, engineering and construction supervising firm is MSCEB. MSCEB and Davis Lamgdon are jointly managing the project.

Elaborating Mr. Ahmed stated, “Sarab consists of four main sections. Sarab Mall is strategically located in the center of the development, with a 100,000 m² of leasable area inclusive of 5 anchor stores complemented with 4000 plots at the parking basements. The mall comprises of shops, a unique entertainment offer, a modern Cineplex, a food galleria, and a wide selection of restaurants and cafes. One section of the mall is an urban experience of a narrow street covered with shading devices, with ample lighting filtering through skylights along the edges of the Walk. The Bazaar houses high-end fashion retailers designed to symbolize, with a dramatic theatrical lighting effect.

“Sarab residential complex caters toward family condominiums consisting of two and three bedrooms, with balconies and roof terraces affording views of the entire project. A commercial zone, known as The East Souq, located at the east corner of Sarab mall comprises of ground level retail shops and restaurants. The upper levels consist of office units. The Sarab Hotel features a 39,000 m² of built-up area with several typical floors consisting of 300 rooms with balconies, a spa, and all possible comfort and entertainment features. The construction is expected to commence at the end of 2006 and the expected completion date would be by the end of 2008,” he added.

Established in Kuwait in 2003, Gulf Development Real Estate Company is a real estate investment, advisory and project management company that focuses on Bahrain, GCC, Europe and MENA markets. Kuwait Finance & Investment Company (KFIC) is a Kuwaiti shareholding company established with an aim to become a leading, financial services company focusing on the GCC by offering clients a selective range of finance and investment schemes.

Al Areen is a luxurious urban mixed-use health and family tourism development spread over an area of 2 million square meters, and is located on an elevated desert plot in the southern region of the Kingdom of Bahrain. The core components of the development are the Banyan Tree Desert Spa & Resort and “The Lost Paradise of Dilmun” Water Park, In addition to the recently announced Al Waha resort at Al Areen and the Domina Hotel & Resort-Al Areen. The project will feature additional development to be announced shortly varying from residential, commercial, hospitality, recreational, and entertainment facilities.