Ithmaar Development Company (IDC) appoints senior Project Managers
MANAMA, BAHRAIN – April 13, 2008 – Ithmaar Development Company, the development arm of the Bahrain-based Ithmaar banking group, appointed managers for two major projects, the $1.6 billion Dilmunia ‘health island’ and a $175 million 38-storey hotel/office complex and residential tower, to be located off the Kingdom’s Seef District. Jean-Claude Bejjani’s role, among others, will be as the Project Manager of Dilmunia, a 1.25 million-square-metre island, to be reclaimed on the north east coast of Bahrain, and which is set to revolutionise health care in the Kingdom and turn it into a hub for health tourism. Meanwhile, Rizwan Mumtaz will be the Project Manager of Ithmaar Development Company’s high rise developments, starting with the hotel and residential project to be located off Bahrain’s up and coming Seef District.
“We welcome the two new additions to our management teams, both of whom bring to the table broad experience from having worked on mega developments and infrastructure projects in the region before. Rizwan and Jean-Claude will be valued assets to us as we continue to expand our portfolio and enter new territories,” said Ithmaar Development Company CEO & Member of the Board, Mohammed Khalil Alsayed.
Bejjani, a French-Lebanese national, comes to Ithmaar Development Company from French multinational/ Partenaires Développement, where, in his capacity as Resident Manager in Bahrain, he oversaw planning and early execution works on the new Northern Town, a $ 4.5 billion mega project which is being built by the Government of Bahrain in the Kingdom’s Northern Governorate. With Masters degrees in Architecture and Town Planning from the Versailles School of Architecture, France, Bejjani has over ten years of project management experience, focusing on urban development, in both Europe and the Middle East. Bejjani’s role in the Dilmunia project includes following through with the master plan, the implementation of the urban regulations of the development, and the design and execution of works, including the reclamation already in progress. The project is expected to take five years to complete in its entirety.
“Dilmunia will be a major addition to Bahrain’s health and tourism infrastructure and will have a long-lasting positive impact on the Kingdom’s economy. With the support of the Ithmaar Development Company team, I look forward to guiding the project through each of its phases and, along the way, providing support to developers, other strategic partners and end-users,” said Bejjani.
Mumtaz, who has a Master in Civil Engineering from Kansas State University, is a specialised engineer with over two decades of experience in project management, construction management and structural engineering. Among the companies he previously worked for are reputed international consultants Tilke & Profabril and Bahrain-based developer Amwaj Gateway Company. He has played key roles in a series of prestigious projects in Bahrain, including the $200 million Bahrain International Circuit Project, the $400 million Coke Calcining Plant and Jetty Facility Upgrade Project for Aluminium Bahrain (Alba), a $200 million housing development for Amwaj and a $100 million five star hotel being constructed in the Seef District. In addition to the above-mentioned tower project, Mumtaz will also be in charge of Ithmaar Development Company’s future high rise projects, which are currently under study.
“It is exciting to be charged with such an important role by Ithmaar Development Company as it begins implementing its multi-billion dollar pipeline of projects, which are set to, very literally, transform the Kingdom of Bahrain’s skyline and even the island’s map,” said Mumtaz.
Also part of Ithmaar Development Company’s current $3.3 billion projects portfolio is the $1.5 billion Aljazayer Beach Resort project, which will completely revamp the existing facility and turn it into a world class attraction for residents and tourists. Just coming out of its first full year of operations, the company’s profits contributed significantly to parent Ithmaar Bank’s $188.3 million record net profit for the year ended 31 December, 2007.