Gulf Construction Online - Tabet to work at Amwaj Islands

Regional News

Tabet to work at Amwaj Islands

01 July 2003

Lebanese venture Tabet Enterprises has won a contract worth just under BD6 million ($15.9 million) for the construction of sewerage and drainage networks and road duct crossings at the $1 billion Amwaj Islands. The contract is due for completion in April 2004.

The Amwaj Islands project is sited northeast of Muharraq and includes 1,250 units for sale, ranging from land, chalets, flats to houses and buildings. The first phase involves developing a Venice-style floating city - Al Marsa Floating City, a project jointly owned by Shamil Bank, Y B A Kanoo and Saraya.
Buyers of property at the proposed Al Marsa Floating City in Bahrain will get long-term finance from Kuwait Finance House (KFH)'s local branch.
KFH will offer long-term facilities of up to 20 years on the basis of Islamic ijara (lease to own) for buyers of villas, chalets and lands on the Amwaj Islands and some other locations in Bahrain. The financing deal was signed between Saraya chief executive officer Saud Kanoo with KFH acting general manager Abdulhakeem Al Khayyat.
The total creditline to be extended by KFH for buyers in the project was put at $500 million.
Amwaj will also contain residential and commercial complexes, tourist facilities, hospitals, schools and a marina.
The Amwaj plan consists of four phases. The first phase will be completed in the coming summer, said Kanoo, who said the reclamation process had been completed at a cost of BD35 million. Sheet pile delivery was expected to start by the end of June. NSCC Kingdom Abu Dhabi has the estimated BD2 million contract for the sheet piling work.
Kanoo said an "educational island" would also be constructed with a modern school, hospital and other community services.
The theme island will comprise a nine-hole golf course and entertainment facilities for which contractors would be mobilised after two months. Three model houses have already been built at Al Marsa.
"The project has become more attractive to investors after the road to Amwaj has been linked to the new highway linking the Shaikh Khalifa bin Salman Causeway," said Kanoo.