Bahrain awards $26.5mn Northern Town project deal
Aresco-Tamkon consortium to build 316 housing units on Island 14 plot
A consortium of Kuwaiti-based Aresco and Bahrain-based Tamkon Company has won a $26.5mn (BHD 10mn) contract for work on the second phase of the Northern Town residential project.
Bahrain’s Ministry of Housing awarded the deal, which will see 316 housing units built on the “Island 14” plot, Gulf Daily News reported.
Housing Minister Bassem Al Hamer, Aresco chief executive Mohammed Salem Al Watyan and Tamkon chairman Ahmed Rashid Al Qattan signed the agreement at the ministry's headquarters.
Al Hamer said work on the Northern Town project is progressing smoothly, with the 530 units being built by the ministry in the first phase nearing completion. The ministry has also signed agreements with the private sector to build a further 1,618 units, he added.
The minister said the Northern Town project was a key part of a government initiative to develop 40,000 housing units ordered by His Majesty King Hamad in December. Government investment in the project has come from the $10bn (BHD 3.8bn) aid package gifted to the country by GCC neighbours Saudi Arabia, UAE, Qatar and Kuwait, according to Gulf Daily News.
Al Hamer revealed that more agreements were expected to be signed for other housing projects, highlighting one already agreed with the Kuwaiti Kharafi Company and Bahraini Nass Group to build the 483-unit first phase of the East Hidd City.