By Andy Sambidge
Saudi, Bahrain firms behind $404m mixed use development in Bosnian capital city
The Gulf-based partnership behind a $404m mixed use project in Bosnia has said that the first phase is set to be completed in September 2013.
Sarajevo City Centre, a major real estate project based in the Bosnian capital, is a partnership between International Investment Bank (IIB), a investment firm based in Bahrain, and Al Shiddi Group, a Saudi-based business group specialising in construction.
The companies said in a statement that the project is now 60 percent finished and upon completion, the complex will be one of the largest in Bosnia.
The shopping mall is expected to open on September 2013, with interconnecting towers opening shortly afterwards, it added.
The main building is a shopping mall and an entertainment complex encompassing five levels that cover an area of 49,500 sq m.
The mall has been fully leased with the last agreements currently being finalised, the statement added.
The project also contains two towers, each consisting of 18 storeys. the first of which is a commercial complex that covers 6,500 sq m.
The second tower will house a five-star hotel with 224 rooms covering an area of 13,900 sq m.
The hotel will be managed by a reputable hotel management company that works according to the principals of Islamic Sharia, the companies said.
Saeed Abdul Jalil Al Fahim, chairman of International Investment Bank, said: "The project has already proven to be a success with the mall fully leased prior to completion.
"We believe that the complex will contribute positively to all parties involved, especially to our shareholders, our partners and the business and social communities of Sarajevo."