Abu Dhabi-based real estate developer Eagle Hills International has announced the signing of a joint cooperation agreement to establish “Binaa Al-Bahrain”, a new real estate development company.
This agreement, valued at $4bn, represents a strategic partnership between Bahrain’s private sector and the UAE.
Binaa Al-Bahrain aims to support innovative real estate projects by leveraging its commercial partnerships with “Edamah”, the real estate arm of Mumtalakat’s Bahrain Holding Company, and the Sovereign Wealth Fund of Bahrain.
UAE-Bahrain real estate project
Mohamed Alabbar, Board of Directors Chairman of Eagle Hills real estate investment and development company, said the launch of Binaa Al-Bahrain is within the efforts of His Highness Shaikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, and His Majesty King Hamad bin Isa Al Khalifa, to strengthen the Bahrain-UAE relations.
He added that the new company follows the successful projects launched by Eagle Hills, like Marassi Al-Bahrain, to meet the needs of the Bahraini society and support the kingdom’s national economic development efforts.
Binaa Al-Bahrain will become a leading local real estate development company, with a portfolio of projects across strategic locations in the Kingdom, he added.
It aims to contribute to the long-term development goals enshrined in the Bahrain Economic Vision 2030, creating multi-purpose projects for residential, commercial, and entertainment purposes.
This joint project seeks to create employment opportunities for Bahraini youth and improve the housing sector for Bahrainis and residents.
Binaa Al-Bahrain aims to build sustainable projects that would preserve Bahraini identity and promote economic growth in the Kingdom.
Eagle Hills International is known for its diverse projects across Europe, Africa, and the Middle East, including Marassi Bahrain in Diyar Al Muharraq.
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