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FINANCIAL NEWS
Bahrain’s Ithmaar grants Dilmunia infrastructure works contract
17 Mar 2013
(MENAFN) Bahrain’s Ithmaar Development Company’s (IDC) chief executive, Mohammed Khalil Alsayed, stated that the company has granted Cebarco Bahrain the infrastructure works contract for the first phase of the USD1.6 billion Dilmunia Island project, reported Gulf Daily News.
Alsayed said that the value of the first phase of the island’s infrastructure stands at USD22.5 million, and is slated for completion in 24 months.
He added that the contract covers the island’s highways and roads, in addition to a distributor bridge crossing on top of the island’s Grand Canal, landscaping as well as power, water, sewerage and drainage and telecommunications networks.
The CEO noted that Dilmunia, a mixed-use project established on man-made island, will comprise residences, hotels, leisure and shopping districts, in addition to hospital facilities, spas and wellness services.
It is worth noting that Cebarco Bahrain, part of KAR Group, in one of Bahrain’s largest and most reputable construction firms.
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