Bahrain city development is unveiled

Bahrain is stepping up its real estate development drive with the unveiling of a master plan city involving up to 30,000 homes. Diyar Al Muharraq was launched on Wednesday and will involve an estimated BHD 1.2 billion ($ 3.2 billion) worth of investment, with Kuwait Finance House the main stakeholder.

More than 100,000 people will be housed by the project when it is completed and developers said the long-term plan was to support a social housing programme. Based on the northern shores of Muharraq, the development is set to be released to property investors in stages, with the first facilities ready for use in 2010.

Aaref Hejres, chief executive officer of Diyar Al Muharraq, said:

“This is the first time that a private developer in Bahrain has invested in a development that includes various levels of housing as one of many options, all of which will share the same high standard of living and amenities.”

He added the project’s goal was to be part of a “concerted housing strategy” for the Kingdom. The new city’s comprehensive community services will include recreational, school, medical and retail facilities. Around 40 kilometres of waterfront, together with sandy beaches, will also form highlights of the development.