Kuwait Finance House

On the back of winning honours as the Best Overall Islamic Bank, the Kuwait Finance House appears to be on the verge of clinching a 50-year, $1.5 billion contract in the country of Bahrain.

It has been a banner month for Bahrain. With major announcements driving up investor interest, it should come as no surprise that some development firms have been courting the Bahrain government for quite some time. The Kuwait Finance House has been in talks with the country of Bahrain for a 50-year development contract worth $1.5 billion.

The real estate project will include the construction of malls, hotels and clubs on a build-operate-transfer basis for 50 years. These industries have seen growth in the last couple of years and are expected to grow even more by the year 2010. Malls will provide much needed retail space as well as adding an unknown number of jobs to Bahrain. The hotel industry in Bahrain is also in need of additional units as tourism in the country is beginning to grow and is expected to some day match the tourism potential of other Gulf hot spots.

Overseas investors have been keeping an eye on the government and have been pleased with the support and efforts the government is making to attract investment.

Kuwait Finance House certainly isn't the only foreign investor that has plans in developing in Bahrain. Freehold development of Reef Island has also begun. The man-made island was previously known as Lulu Island and will add more then 1200 luxury apartments to Bahrain's existing property market. The project is expected to cost US$1.2 billion.

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