Ithmaar Development Company (IDC), the authority behind the Dilmunia Project in Bahrain, has completed Phase Three infrastructural works for the $1.6 billion project have been completed, a senior spokesperson has said.
A mixed-use development being built on a man-made island off the coast of Muharraq, Dilmunia contains 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, Mohamed Abdulrahman, manage of ID Capital, said that Dilmunia has at present completed the construction of two main residential buildings and all the individual houses as per the construction timeline.
“So, infrastructure work-wise we have reached the Phase Three of the project,” he said at the Gulf Property Show 2019, according to a report by Gulf Daily News.
“The island is pretty much ready … now it is up to the developers to develop the rest of the project.
“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, in reference to the opening of Mall of Dilmunia, a family-centric and entertainment facility which is set to open by the end of 2019.
Abdulrahman said that IDC is now looking to sell small plots of land of 500 to 700sqm for residential houses on the man-made island, in addition to plots of land suitable for a marina, a hotel and residential services.
Dilmunia has 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 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.