Ithmaar Development Company, which commenced its operations during 2007, posted a net profit of $34 million. The Company is the developer and manager of Ithmaar Bank’s infrastructure development projects and other high quality real estate and tourismrelated ventures. Ithmaar Development Company also intends to provide real estate consultancy services and facility management services, among others. The company’s current $1.8 billion projects portfolio mainly includes two major projects in the Kingdom of Bahrain, which it is developing and executing in partnership with other entities.

DILMUNIA HEALTH ISLAND

The $1.6 billion Health Island Project (Dilmunia) entails the creation of internationalstandard health and wellness facilities in a resort-style environment. Dilmunia, which will be constructed on a 125-hectare man-made island on the North Eastern coast of Bahrain, will include state-of-the-art diagnostic centres and facilities catering to nutrition and diabetes, plastic surgery and aesthetic medicine, women’s and children’s health, alternative medicine and sports medicine. Dilmunia will also include deluxe spas and boutique hotels, as well as residential clusters, commercial facilities and recreational amenities.

HOTEL & OFFICE TOWER PROJECT

The $175 million Hotel/Office Tower Project, comprising a hotel tower, serviced apartments and an office tower, is located in the Seef District of Manama. The 150-room hotel, with 50 serviced apartments, will be a luxurious family-oriented Sharia-compliant facility, which is intended to be the first of a chain of such hotels to be developed in the region. The Tower Project will also provide 10,000 square metres of office space.