DIYAR AL MUHARRAQ: Latest Developments

DIYAR AL MUHARRAQ plans to offer tenders in 2012 as a part of the project’s ongoing development. Aaref Hejres, Managing Director of DIYAR AL MUHARRAQ, discusses the proceedings.

“As time changes, a few strategies have been changed. For example, we are focusing more on the value-added projects and one of them is the Dragon City. As you know, it is a unique concept and the first in Bahrain. We had a couple of meetings with the Chinese and signed the agreements. We are now in the process of doing one of DIYAR AL MUHARRAQ’S biggest projects with the Chinese in Dragon City which would be a unique kind of concept. There will be retail shops, coffee shops, and restaurants, and we are offering Bahraini businesses the opportunity to be in on that as well. So up to 70% will be Chinese traders or businessmen and the rest will be Bahrainis. This is scheduled to open by the end of next year. That is one of our big strategic projects,” explains Hejres.

With most of the projects within DIYAR AL MUHARRAQ in the design stage, Hejres adds: “We  tendered the affordable homes, we are in the final design stage of Dragon City, and we have Bahrain University coming soon to DIYAR AL MUHARRAQ and two other private universities. We have the medical city which is a new concept. We’ve seen lots of demand in terms of the medical centers so we have changed the master plan to include them in our project. We have about three medical centers who wanted to be included.”

Hejres agrees that Diyar is an attractive option for foreign investors. “I believe that DIYAR AL MUHARRAQ is one of the best options available for investment due to its location, its opportunities, its mixed use and its master plan that gives the variety for many investors to come and invest whether they want to make a hotel, university or medical center or even a residential project.”

Hejres also highlights the importance of DIYAR AL MUHARRAQ to the local real estate market. “This adds great value to the local market as well as enhances the real estate market, especially in terms of product and materials. As you know, the real estate industry will make work for another 16 sectors within that. So if you build any project, there are 16 other sectors that will have work such as aluminum, steel, sand, and building materials. This is how important it is to enhance the economy of any country.”