MANAMA, 18 September 2007 — Kuwait-based Al-Zamil International Real Estate Company (ZIREC), which had committed $85 million in investments in Al-Areen Development, has acquired a second plot of land within Al-Areen with a total gross area of 23,000 square meters. The memorandum of understanding was signed by Zeyad Mohammad Al- Zamil, ZIREC board member, and Waleed Saffy, general manager of Al-Areen Holding Company (AHC).
Earlier, ZIREC announced plans to develop a medical center on a 63,00-square meter tract of land within Al-Areen Development, combining a medical complex, serviced apartments, four-star hotel and deluxe apartments with a total investment of $85 million. Al- Areen Medical Complex would include several facilities including a four-star wellness center offering the highest international standards of service.
Al-Zamil expressed gratitude for the strong relations and mutual trust between ZIREC and AHC, assuring that the project reflects a creative long-term business model. He also emphasized that Bahrain enjoys a very stable atmosphere for foreign investment, pointing out that Al-Zamil is developing many real estate projects in the Kingdom of Bahrain.
ZIREC aims at maintaining its distinguished position, a position it has held over the years among real estate and contracting companies in Kuwait. Al-Areen Development is considered as one of the most important real estate projects in the Kingdom of Bahrain with total investments so far exceeding $1.3 billion. This luxury, mixed-use health, residential and family tourism development spans over an area of 2 million square meters in one of the most beautiful desert areas in Bahrain: Horat Anqa.