Durrat Al Bahrain, the Kingdom's largest planned luxury residential, commercial and tourist resort development, has signed a memorandum of understanding to establish a joint venture with Al Tijaria to develop two of its residential Islands.
The new joint venture, the Durrat Tijaria Company, will lead and manage the development of the two remaining outer islands (Atoll 5 & 6) of the $6 billion seaside city resort. In total, Durrat Al Bahrain offers 11 residential islands in the shapes of petals and atolls, all of which are dedicated to tranquil, island style living.
Durrat Al Bahrain will hold a 50 per cent stake in the new venture, with Al Tijaria holding 30 per cent and 10 per cent being held by the Kuwaiti Park Company and the Kuwaiti Commercial Malls Company.
Durrat Al Bahrain is owned by the Durrat Khaleej Al Bahrain Company, in which the Bahraini Government and Kuwait Finance House each hold a 50 per cent stake.
Six of Durrat Al Bahrain's residential islands have already been developed. These islands were included in the first and second phases of the project and home owners will be taking delivery of their new homes for both phases from November this year.
Jassim Al Jowder, CEO of Durrat Al Bahrain, said: "It means that additional value will be released to our shareholders."