MANAMA: Bahrain Real Estate Investment (Edamah), the real estate arm of Bahrain’s sovereign fund Mumtalakat unveiled an ambitious $1billion development plan for Hawar Island.
“The strategic investment which will generate minimum 15% to 20% on equity will help in transforming the Island into eco-friendly tourism destination with state of the art facilities in collaboration with the private sector,” said, Mr. Mahmood Hashim Alkooheji, Acting Chief Executive Officer of Edamah.
“Through investments of BD350 million, Edamah will reposition Hawar on the world map of island resort living, bolstering the local and regional tourism industry and creating 3000 direct jobs, which will positively impact the domestic economy,” added, Mr Mahmood, who was joined by a team of Edamah.
During a press briefing which took place on Sunday, at Edamah’s offices in Arcapita building, Bahrain Bay, Mr. Mahmood Alkooheji, reiterated the Company’s commitment to transform Hawar into a global destination, which showcases the significance of the Kingdom’s natural beauty, as per Royal directives which call for the development of the Kingdom’s vibrant South region, while preserving its status as a wildlife preservation zone as well as its environmental significance.
Mr. Alkooheji added that further to the Royal direction to undertake the transformation of Hawar islands, a committee has been formed under the leadership of His Excellency Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister, and Chairman of Mumtalakat – the Hawar Islands Planning & Development committee – whose members include influential dignitaries, with the aim of undertaking specialist studies to guide the planning and execution of the development area and establishing a development guide to steer future developments in a direction which promotes sustainable architectural, environmental, and touristic foundations and consequently create further investment opportunities. The Committee also aims to undertake necessary studies to assess infrastructure requirements, including transportation to and from the island and monitoring the above.
Mr. Alkooheji highlighted that Hawar islands offers solid foundations and opportunities for further developments that will boost the tourism industry and positively impact the local economy.
Edamah’s strategy for Hawar is considered two tier: renovating and further developing the existing Hawar resort and developing a new eco-friendly offering along 100 hectares of the northern coast to allow visitors to experience its environmental significance and majestic scenery through an investment estimated at BD 350 million.