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Bahrain-based Aliyah Marie Holding Company (AMHC) recently signed a memorandum of understanding (MoU) to acquire a large land plot in Dilmunia, one of the kingdom's coastal development projects.
Dilmunia at Bahrain promises to offer its residents and visitors an 'alternative perspective towards life' and is being specifically designed to enhance and promote the concept of well-being.
The MoU between AMHC and Ithmaar Development Company (IDC), the development arm of Ithmaar Bank, was signed by AMHC chairman Dr Ahmed Alkhuzaie and IDC chief executive officer and board member Mohammed Khalil Alsayed.
IDC is the developer and manager of the bank's major development projects, including real estate and infrastructure, resorts, hotels, medical facilities and commercial buildings.
Its initial portfolio consists of the health island project, Light of Bahrain and Reflections of Bahrain. The total value of the developments alone is estimated at around $3.3 billion (BD1.24bn).
Around 8,500sqm of land off the south coast of Dilmunia will be developed by AMHC.
"We believe that Dilmunia at Bahrain fits perfectly with what we are striving to achieve," explained Dr Alkhuzaie. "At AMHC we are always looking for healthy investment opportunities that meet our corporate vision.
"By acquiring this unique plot at Dilmunia at Bahrain, which is truly a visionary project, we have ventured into another exciting era at AMHC.
"At this stage we are working closely with IDC on finalising our development plans.
"Sky Villa at Dilmunia will be a new concept in Bahrain, proposing a new style of living. As it is a plot located on the seaside and with the right proportions, this will enable us to create a unique set-up where different villas will be sharing a backyard with the inner sea lagoon," he added.
Mr Alsayed viewed the partnership with AMHC as another milestone representing the start of a strong, long-term relationship with IDC. Dilmunia at Bahrain will feature three luxury boutique hotels, inspired by the Chinese, Thai and French healing philosophies and offering alternative treatments and spas, while its 'Lifestyle Strip' will have organic, gourmet and health markets, alongside star-rated restaurants and casual dining outlets.
Additionally, residents and visitors can make use of numerous healthcare and medical services including a hospital, diagnostic and alternative medical centres and diabetes facilities, to name a few.
"Having completed reclamation work on time, we have started selling parcels of land to third-party sub-developers while simultaneously developing other parcels ourselves," said Mr. Alsayed.
"The project is currently presenting investment opportunities through offering multiple sizes and uses of land plots for development."
