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Sun 28 Jun 2009 03:50 PM

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New $1bn Bahrain development announced

Manara Developments unveils master plan of mega project overlooking Bahrain Fort.

New $1bn Bahrain development announced
MEGA PROJECT: Nurana development will generate hundreds of new jobs, according to its developer.

A new $1bn mega project overlooking Bahrain Fort has been announced which will create hundreds of new jobs.

The project covers 2 million square metres of waterfront land next to the Seef area, and is set to “generate local economic development,” Manara Developments said in a statement on Sunday.

Dr Hasan Al Bastaki, the firm’s managing director, said: “The project represents a world-class business, lifestyle and tourism destination that when complete will create hundreds of jobs and contribute greatly to the local economy.”

Reclamation works for the currently submerged site are estimated to cost BD28m ($74,000,000).

Manara Developments, the real estate company owned by Al Salam Bank Bahrain and other GCC investors, unveiled the project’s master plan on Sunday.

The firm hopes the project, known as Nurana will “set new benchmarks for sustainable growth, strengthen tourism and create significant new recreational and lifestyle opportunities.”

The development comprises coastal villas and apartments, offices, shops and other community amenities, like parks, mosques and pedestrian promenades.

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