Kuwait contractor wins $133m Seef deal to build Bahrain's Liwan
KMC Holding will develop the 12.2ha mixed-use development in Hamala, which is due to be completed by the fourth-quarter of 2019
A Kuwaiti contractor has won a deal to build Seef Properties' $133m (BHD50.2m) development, Liwan.
The Bahraini project in Hamala, the country's Northern Governorate, will be built by Kuwaiti Manager Holding Company (KMC Holding), a company established by Kuwait Finance House in 1996.
Spanning 12.2ha, the mixed-use development – which comprises retail outlets, restaurants, cafés, and residential units – is due to be completed by Q4 2019.
A supermarket, a cinema, and a family entertainment centre will also be developed as part of Liwan, Arabian Business reported.
Commenting on the contract award, Essa Najibi, chairman of Seef Properties, said: "[The] awarding of this significant contract comes as a result of an extensive screening process, and we are confident that the project will be completed according to the schedule."
Ahmed Yusuf, chief executive officer of Seef Properties, added: "We are confident that the project will add value to the kingdom’s real estate sector, further attracting foreign investments and contributing to the growth of the economy."
Development activity is steadily increasing in Bahrain, where a megaproject was approved last month.
Bahrain's urban planning office approved the master-plan for a waterfront project spanning from Manama to Muharraq, in March 2018.
The country's Higher Urban Planning Committee accepted the conceptual master-plan for a "large-scale waterfront development project, stretching from the King Faisal Corniche in Manama, to Muharraq".
A detailed proposal to develop a 14km waterfront section between Juffair and the King Faisal Corniche is also contained within the master-plan.
The waterfront development concept features a range of social facilities, including public beaches, walkways, green spaces, and restaurants, as well as cycling and running tracks.
According to Bahrain's state news agency, BNA, the Higher Urban Planning Committee has prioritised the waterfront masterplan as "an important opportunity to integrate Bahrain’s natural environment within modern, high quality" developments.
HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander, and First Deputy Prime Minister of Bahrain, chairs the kingdom's Higher Urban Planning Committee.