MANAMA, 5 July 2005 — Arcapita Bank yesterday unveiled two major real estate projects in Bahrain. The projects, sponsored by the bank, are valued at approximately $1.2 billion. The projects were presented to the King of Bahrain, King Hamad ibn Isa Al-Khalifa by the bank’s management.
The $300 million Riffa Views project to be launched in September 2005 and is the development of a themed residential community around the 18-hole Riffa Golf Course. Approximately 750 single family units will be developed in a gated community with access to world-class sporting facilities and a country club that will offer resort-type swimming pools, a high-end health club and other sporting facilities. As part of the development, the golf course will be redesigned and modified to championship standards that will enable it to host PGA events.
Arcapita is also sponsoring an iconic project estimated at $1 billion to be launched in December 2005. It will involve the reclamation and development of more than 400,000 square meters of land in northeast Manama opposite the Diplomatic Area and next to the Sheikh Isa ibn Salman causeway. It will include up-market waterfront residential developments with apartments, condominiums and penthouses as well as marinas, cafés and restaurants as well as a number of public areas and promenades.
The anchor developments will be a Four Seasons hotel development and the new Arcapita headquarters building. The Four Seasons Hotel, which will be developed and operated by a Bahrain-based company, is expected to become the most prestigious in Bahrain. The iconic and futuristic architectural designs for both developments, which were presented to the king were developed by the leading US architectural and urban design firm, Skidmore Owings and Merrill (SOM), which designed other landmark developments such as the Sears Tower in Chicago and Burj Dubai.
Atif Abdulmalik, the CEO of Arcapita said “We are extremely proud to introduce a project with distinctive design, strategic location and world-class development partners, which will make it a landmark development for Bahrain and the Gulf region.”
Asim Zafar, head of real estate at Arcapita commented, “Our real estate investment philosophy is to partner with best-of-breed developers and operators to bring distinctive and innovative real estate concepts to the region. Turner International, one of the largest construction and project management companies in the world, will act as the construction and project manager.”