• Home
• /
• Business

ADIH planning to invest $86m in Amwaj Islands

ABU DHABI — Abu Dhabi Investment House (ADIH) with increasing regional investment presence, yesterday announced investing $86 million in Amwaj Islands — the artificial island off the coast of Muharraq in the Kingdom of Bahrain as part of expanding its infrastructure development portfolio.

ADIH has acquired 600,000 square feet of land surrounding the lagoon on Amwaj Islands from Bahrain-based Oasis Property Developers — master developers of the $1.5 billion property which will comprise a string of artificial islands.

Commenting on the acquisition, Rashad Janahi, Chief Executive Officer of ADIH said: "Amwaj Islands is an iconic project and we are convinced that it is a unique investment opportunity for ADIH. As a sophisticated financial institution, ADIH closely monitors for investments that maximise returns for our clients and our partnership with Oasis Properties in their flag ship project is in line with our strategic growth plan."

The development which will come up at the acquired land has been branded as The Lagoon, which will comprise eight low-rise buildings to house restaurants, cafe's and various other retail outlets.

The plots overlook the lagoon and have a one kilometre walk-way encircling the lagoon.

The project is scheduled for completion by September 2007.

The uniqueness about The Lagoon is that it is the first development in the Kingdom of Bahrain which allows Bahraini and foreign retailers to own their units on a leasehold basis, Janahi said.

"In a little over a year, ADIH has carved a niche for itself in providing innovative investment avenues that stand out in the long-term. Amwaj Islands is another such opportunity which we believe will add value to our growing portfolio of infrastructure and property investments, "he said.

ADIH had recently unveiled their first project in Lebanon, Beirut Gate, which will be developed at an investment of $600 million in the Beirut Central District, commonly known as Solidere. A $160 million

private placement for Beirut Gate has been received by regional investors with enthusiasm.

Abu Dhabi Investment House was also involved in the private placement for the multi-billion dollar Energy City Qatar, closing a $100 million offer successfully in the UAE market.

It had also announced a Euro 144 million German property fund.