Ithmaar Development Company (IDC) announced as Platinum Sponsor for BIPEX 2008

MANAMA, BAHRAIN 02 July, 2008 – Ithmaar Development Company, the development arm of the Bahrain-based Ithmaar banking group, has announced its Platinum Sponsorship of the Bahrain International Property Exhibition (BIPEX) 2008.

Ithmaar Development Company’s (IDC) Platinum Sponsorship of the Kingdom’s foremost property exhibition, BIPEX, was finalized at a signing ceremony attended by Mohammed Khalil Alsayed, CEO, IDC and Majeed Al-Gassab, President, BSE.

Speaking on IDC’s sponsorship of BIPEX 2008, Mohammed Khalil Alsayed, CEO, IDC , said, “We are extremely pleased to partner with BIPEX this year; BIPEX has been able to successfully showcase the region’s many landmark real estate developments and infrastructure projects and has grown in prominence in the five short years since its inception to become Bahrain’s largest and most important real estate exhibition”.

“Reclamation work has already begun on our flagship project; the $1.6 billion Dilmunia health island, which is set to transform the Kingdom’s coastline and offer visitors state of the art health and wellness facilities in a resort- style environment. In addition to Dilmunia, IDC will be highlighting additional projects that constitute our $3.3 billion development portfolio at BIPEX 2008, including the $1.5 billion Aljazayer Beach Resort project and the $175 million office tower and family-oriented hotel development to be located in Bahrain’s Seef District.”

Now in its fifth successful year, BIPEX is organized by the Bahrain Society of Engineers (BSE) and is held under the patronage of H.E. Shaikh Khalid bin Abdulla Al Khalifa, Minster of the Prime Minister’s Court, Kingdom of Bahrain.  BIPEX has grown into one of the GCC region’s largest property exhibitions and is the premier information conduit for property buyers, developers, financiers and real estate agents alike.
BIPEX 2007, which attracted over 12,000 visitors, showcased a range of real estate and infrastructure developments from around the region, constituting assets of $38 billion in total.

Last week Ithmaar Development Company, along with a group of regional institutional investors, launched the first fully integrated infrastructure and real estate development company in the Middle East- Naseej. With an authorized capital of  BHD2 billion and a paid-up capital of BHD300 million, Naseej will service the entire value chain of the real estate and construction industry, and its services will include: development and construction; manufacturing and importing building materials; facility management; mortgage services; real estate planning and consultancy and marketing services.

BIPEX will be held from October 23 to October 25, 2008 at the Bahrain International Exhibition Centre.

About Ithmaar Development Company:

Ithmaar Development Company was set up by Ithmaar Bank in 2006 and has been mandated to manage and execute major development projects, with a focus on real estate, infrastructure, resorts, hotels, medical facilities and commercial buildings. Ithmaar Development Company’s activities also include, among others, management and development of property and related consultancy services, as well as facility management.

IDC’s initial portfolio of projects consists of the Health Island project, Aljazayer Beach Resort, and a hotel/office tower project. The total value of these prestigious developments is estimated at around $3.3 billion.

The $1.6 billion Health Island (Dilmunia) entails the creation of international standard health and wellness facilities in a resort-style environment. The project will be constructed on a man-made island off the north-east coast of Bahrain and will include a state-of-the-art diagnostic centre, nutrition/diabetes centre, cosmetic surgery, aesthetic medicine centre, women and children centre, alternative medicine centre and sports medicine centre. The project will also include deluxe spas and boutique hotels as well as residential clusters, commercial facilities and recreational amenities.

The $1.5 billion Aljazayer Beach Resort project involves the creation of a world class leisure, family tourism and entertainment facility in the southwest coast of Bahrain. The facilities will include public beaches, several hotels, marinas, a theme park, a water park, an aquarium, a cultural center, a commercial district, residential units and chalets.

The hotel/office Tower project, estimated at $175 million, comprises a hotel that includes service apartments and an office complex, and will be located off the up-market Seef District of Manama. The hotel will be a luxurious family-oriented property, which will be the first of a chain of hotels that Ithmaar Development Company and its parent company Ithmaar Bank will develop within and outside the GCC countries.

Ithmaar Development Company is confident of establishing a sterling track record and setting a benchmark in conceptualising, developing and executing such world class projects in the fast growing regional real estate and property sector. Ithmaar Development Company’s professional team is led by its CEO & Member of the Board, Mohammed Khalil Alsayed, who has a distinctive track record of leading major development and infrastructure projects.