DUBAI International Properties (DIP) has announced a Dh2bn ($544m) Salam Beach Resort and Spa project in Manama, the capital of Bahrain.
“The announcement of the project in Bahrain – following soon after vast developments in Qatar, Oman, Morocco & Turkey – makes DIP one of the fastest growing major real estate developers in the region,” said Mohammed Al Gergawi, executive chairman of Dubai Holding, the parent firm of DIP. Over the past three months, the newly-created company has announced four new projects worth a combined total of Dh13.5 billion.
Salam Beach Resort & Spa Bahrain will be the second DIP project with such a name. The first project in Oman is known as Salam Yiti Lifestyle Resort & Spa at an estimated cost of over Dh3 Billion. This is in line with the firm’s strategy to build a ‘Salam Resort & Spa’ global brand name.
The resort development promises to redefine luxury with a vast area along the beachfront stretching deep inland. A network of canals spanning 5kms will run through the site in order to maximize waterfront scenery. Built on a long stretch of pristine sandy white beach, the Bahrain resort is 25 km from the Bahrain World Trade Centre and close to the island’s Formula 1 track. It will host a five-star deluxe hotel, traditional souk, hotel villas and spa, marina and wellness centre. The project is to be completed in March 2009.
DIP has several other projects on the drawing board. Early last year, the company announced that it was building an iconic mixed-use tower development in Doha at the cost of Dh1 billion. In March 2005, it revealed that plans to develop a huge resort complex at Yiti in Oman that stretches from the beach to the mountains and is the first to be offered for sale worldwide under the new Omani law allowing freehold sales to foreigners. Its cost is estimated at Dh3 billion.
In May, DIP announced the one of the biggest and most ambitious projects in North Africa: Amwaj, at a cost of Dh7.5 billion, on the banks of the Bouregreg River in the Moroccan capital, Rabat.
Last month DIP launched its first project in Turkey – Dubai Towers, Istanbul at a cost of Dh2 billion.