Groundwork for the project is due to commence shortly on an area of land totaling approximately 180,000 sq. metres. The Board also revised the Company’s strategy for the upcoming period, and discussed the re-submission request for the Company’s inclusion in Kuwait Stock Exchange market.
General Manager of Rasmal Holding Company, Mr. Hani Al Meer revealed that the on-site Board meeting was planned to occur prior to a meeting by the Inclusion Committee which had previously refused the Company’s inclusion request, as per the old regulations. He also emphasized the Board’s absolute confidence that the Company fulfilled the inclusion requirements as per both the old and new regulations.
Mr. Meer also announced that the Company would soon meet with an Inclusion Consultant to clarify certain issues for those responsible for Kuwait Stock Exchange Market, in preparation for the re-submission of the request.
Speaking on Sarab Al Areen, Al Meer said, “The Board has discussed several offers from both individual and corporate investors and has unanimously decided to deliberate over these offers prior to making the appropriate decision, in order to provide optimum benefit to the Company and its shareholders.”
Al Meer added: “Groundwork for the project—which comprises a large shopping mall—is due to begin shortly, and the complex is expected to be operational by mid-2009, God willing. The project components also comprise luxury residential, and office space elements, in addition to a world-class hotel.”
Sarab Al Areen occupies a unique location under the umbrella of the much larger and comprehensive re-development plan for Al Areen Desert, and will represent the hub from which roads leading to other Al Areen components originate. Al Meer also revealed that the project would highly benefit from being part of this massive real estate development project, just as the project’s other components would simultaneously and equally benefit from Sarab Al Areen’s many advantages; being that it is the sole commercial complex in the project.
In addition to Sarab Al Areen’s world class hotel, a nearby five-star hotel will be built, as well as the Kingdom’s largest recreational water park, a Desert Resort, and various other facilities. Furthermore, the development plans for Al Areen desert encompass approximately 2,600 residential villas and apartments.
Sarab Al Areen offers a variety of family recreational facilities, food outlets and others attractions. Rasmal Holding Company has ensured a broad expansion of tourist attractions, thereby drawing visitors from Kuwait, Qatar and Saudi Arabia’s Eastern province, in addition to serving as a key tourist attraction for international visitors to the Kingdom of Bahrain. Situated within close proximity of stunning natural landscapes and views of Al Areen Wildlife Reserve, the project is also near to the Riffa Golf Club and the Bahrain International Circuit, and is only 25 minutes from Bahrain International Airport.
Al Meer highlighted Sarab Al Areen’s importance to the Kingdom with its commercial space component reaching approximately 300,000 sq. metres and an approximate investment value of US$300 million. Sarab Al Areen represents one of several elements in the development plan of Al Areen desert, to which several prestigious real estate investment and development companies managing considerably large projects are devoted. The estimated investment value of developing the entire Al Areen desert is close to US $ 2 billion.
Al Meer also indicated that the nature of real estate development projects such as Sarab Al Areen’s Commercial Complex, is such that they provide highly lucrative remunerations—in the medium and long terms—upon operation, or upon selling real estate property.
Regarding the Company’s future activities, Al Meer stated that Rasmal Holding Company enjoys a solid financial position, attributed to the Company’s care in employing the available liquidity in investments that are characterized by safety and stability, based upon which, the Board thoroughly researched the available expansion opportunities in the GCC market during its meeting. The Company has also meticulously studied these opportunities in order to select those conforming with its strategic direction, and in compliance with Islamic Shariah laws.
Monday, April 23- 2007 @ 15:58 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.