Ithmaar Development Company (IDC), the main authority behind the landmark Dilmunia Project, has completed the Phase Three infrastructural works for the $1.6-billion project, according to Mohamed Abdulrahman, manager, ID Capital.
“So, infrastructure work-wise we have reached the Phase Three of the project,” he said at the Gulf Property Show 2019 and added: “The island is pretty much ready … now it is up to the developers to develop the rest of the project.”
Dilmunia Project is a mixed-use development being built on a man-made island off the coast of Muharraq with a unique health and wellness anchor including residences, a hotel and leisure element and shopping districts anchored around a health and wellness cluster.
Giving an update on the construction of the project, Abdulrahman said that Dilmun has at present completed the construction of two main residential buildings and all the individual houses as per the construction timeline.
“We have the shopping mall opening at the end of the year, so that will give a huge boost to the development of retail services on the island,” he added, referring to the opening of Mall of Dilmunia, a family-centric and entertainment facility which is set to open by the end of 2019.
According to Abdulrahman, IDC is now looking to sell small plots of land of 500 to 700 sq m for residential houses on the man-made island in addition to plots of land suitable for a marina; a hotel and retail services.
Dilmunia offers a range of residential and commercial amenities, with developments completed including The Treasure by Bin Faqeeh Development Company, The Essence of Dilmunia by Ahmed Al Qaed Group, and Seavilla by IDC.
Projects under construction include: CanalView by Naseej, The Hanging Gardens by Ahmed Al Qaed Group, Al Tijaria resort project (The Commercial Real Estate Development Company) and the Mall of Dilmunia.
The development of the ambitious 125-hectare man-made island is being managed by IDC, which is a wholly-owned subsidiary of Ithmaar Bank, a Bahrain-based Islamic retail bank with its shares traded on the Bahrain Bourse, Dubai Financial Market and the Kuwait Stock Exchange. Ithmaar Bank is also the investment manager of Dilmunia Development Fund. - TradeArabia News Service
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