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WORK has started on several of Manara Development's portfolio of projects - worth an estimated BD1 billion - consisting of residential, commercial and mixed-use developments.
The Bahrain-based real estate development company, established in 2006 as a joint venture between Al Salam Bank Bahrain and strategic GCC partners aims to develop projects initially in Bahrain before expanding across the region.
Chief executive officer Kareem M Shamma said: "We have achieved a lot in the first year in terms of establishing ourselves and our identity. This is going to be a good year for Manara Developments as our projects are at various stages of final 'sign-off' on concept master-plans and we are ready to work on the project details."
The company is both an 'owner/developer' as well as offering development services for others. It is currently developing six to seven, medium to large scale projects. Each one, it says, will be "sympathetic to its environment" and will contribute to the development of the community it is in.
Mr Shamma said: "Some of Manara's developments will be offered for expatriate freehold ownership, while some will be targeted specifically at the local market, but our developments essentially stem from Manara's whole reason for being.
"The projects are meant to serve the community that they are located in, responding and reflecting the community's needs as opposed to being implanted in a community that doesn't suit that particular development. Whether it's high-end, medium or low-end the developments will always suit the community they are in."
According to Mr Shamma, "sustainable and eco-friendly" developments are the way forward and fit into the company's philosophy.
He added: "Much is being said these days about environmental development, but we want to, as much as is practically possible, implement it. Although we have to be successful from a commercial point of view we will never create developments that are alien to a particular community. I think this is very important."
Manara currently has projects in the pipeline located in various areas in Bahrain such as Hidd, Karranah, Tubli, Al Qadam and Hamalah.
Mr Shamma said: "There are some plots of land in Tubli that are set to be affordable residential units for the local community.
"The project in Hamalah, however, may well also appeal to expatriates - be they from the GCC or further afield.
"The huge demand we see is for residential properties."
Mr Shamma said Manara Developments is made up of a group of people who live in Bahrain, care about the island's future and are part of its close-knit community.
