Dubai: Bahrain Bay Development, a futuristic residential and commercial project, has signed a letter of intent with an Indian consortium to develop a $150 million (Rs654 crore) project within the Bahrain Bay masterplan.
The joint venture consortium consists of Ajmera Group, a $450 million conglomerate based in Mumbai, and Mayfair Housing, a major Indian urban residential property developer.
The project is scheduled to be completed within two-and-a half years.
Bahrain Bay is a real estate project worth $2.5 billion off the northeast coast of Manama in Bahrain, covering two million cubic square metres for 25,000 residents.
The waterfront project will include commercial, residential and retail properties with outdoor cafes, shops, restaurants, high-rise buildings, condominiums, villas and luxury hotels.
The futuristic project is a joint venture between Arcapita Bank (Arcapita) and a Bahrain-based investment group.
Commenting on the Indian consortium’s entry into the project, Bob Vincent CEO of Bahrain Bay Development said: “This commitment from one of India’s largest development groups represents a major strategic step for Ajmera and Mayfair Housing.”
The Indian consortium has developed over 30,000 units in the Indian market during the last decade.
Ajmera Group Managing Director Rajnikant Ajmera said: “We are very excited at the opportunity we foresee with this investment into Bahrain Bay. Having worked for over a decade alongside Mayfair Housing to build a substantial position within our home market, we are looking outward for high-quality opportunities in overseas markets.”