Abu Dhabi Investment House to invest $86m in Bahrain

Abu Dhabi Investment House, PJSC (ADIH) is investing $86 million in the Amwaj Islands project off the coast of Bahrain, as part of its expanding infrastructure development portfolio.

ADIH has acquired 600,000 square feet of land on the island from Bahrain-based Ossis Property Developers, master developers of the $1.5 billion property consisting of a string of artificial islands. Called The Lagoon, the property will comprise eight low-rise buildings which will house restaurants, cafes and various other retail outlets. The plots overlook the lagoon and have a one kilometre walk-way encircling the lagoon.The project is slated for completion by September 2007.ADIH recently launched its first project in Lebanon, Beirut Gate, set to be developed at a cost of $600 million in the Beirut Central District, commonly known as Solidere.

A $160 million private placement for Beirut Gate has been well received by regional real estate investors. ADIH was also involved in the private placement for the multi-billion dollar Energy City Qatar, closing a $100 million offer successfully in the UAE market.It had also unveiled a Euro 144 million German property fund. “The investment in Amwaj Islands will strengthen our foothold in Bahrain. Earlier, we had taken a substantial stake in the Islamic equipment leasing entity, First Leasing Bank (FLB) based in Bahrain through our first investment instrument, the Al Arabi Private Equity Fund," said Rashad Janahi, Chief Executive, Abu Dhabi Investment House.