Ithmaar Development Company is expected to start work next month on its $1.6 billion project off the coast of Bahrain dubbed Dilmunia. Likely to be the Middle East's largest healthcare, leisure and real estate project, it will feature hotels, residential spaces and shopping centers, as well as specialist clinics, hospitals and wellness facilities like spas. Construction will begin with a large scale reclamation effort as the seabed will be dredged and retained in order to make room for the project.
Several of the plots on this man-made island will be available to other investors for development. In accordance with its goal of creating a health care resort, Ithmaar plans to keep environmental impact low. This began with an environmental assessment that yielded positive results allowing the rest of the project to be carried out. Reclamation work will begin on March 1.
Ithmaar Development Company currently has several projects in their initial stages. Dilmunia is going to be the first to begin construction. Ultimately, IDC wants to expand through North Africa and other parts of the Middle East. Because of the many emerging markets developing in the Middle East, the area as a whole offers strong growth potential.
IDC's other large project is going to turn Al Jazayer Beach, one of the oldest beaches in Bahrain, into a modern family tourism resort. IDC will also be developing property in the Seef District with a chain of family-oriented hotels. The Al Jazayer Beach project is expected to cost $1.5 billion to develop and the Seef District properties should cost around $175 million. The total cost of IDC's current development portfolio is $3.3 billion.
