Reef agrees to finance purchase of Durrat's Villas

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        'caption' => 'Mr Jassim Al Jowder, CEO of Durrat Al Bahrain and Dr. Khalid Abdulla, CEO of Reef.',
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Notes and media contacts

About Durrat Al Bahrain

Durrat Al Bahrain is owned by the Durrat Khaleej Al Bahrain Company, in which the Government of the Kingdom of Bahrain and Kuwait Finance House - Bahrain each hold a 50 percent stake. Durrat Al Bahrain, a 21 km² area of pristine waters and untouched beaches, once complete, is expected to be approximately the size of Manama, Bahrain's capital city.

Durrat Al Bahrain has been planned as a world-class residential, commercial and tourist destination, offering a unique island based urban lifestyle. Upon completion by 2010 it is expected that there will be more than 60,000 permanent residents as well as some 4,500 visitors a day. When complete, Durrat Al Bahrain will offer 11 islands of luxury residential villas, iconic architecture in the commercial crescent and a five-star hotel located on a central island. Sun, sea beaches and lush gardens will join exclusive shopping and a sophisticated night life with plenty to entertain all the family. Residents, businesses and visitors will not only be able to live island lifestyles, but they will also benefit from an 18 hole championship golf course designed by Ernie Els, the world-renowned golf champion. The golf course will comprise a challenging course, a club house, a driving range, a hotel complex and 1400 stylishly designed luxury residential villas and apartments arranged around landscaped waterways. Durrat Al Bahrain will also offer one of the region's leading marinas covering 600,000 m, offering 400 berths in a stunning location.

The master planner/architects of the project are W.S. Atkins, the renowned engineering design and consultancy, and project/development manager is KMC Bovis, a joint venture between the Kuwaiti Manager Company and Bovis Lend Lease.

Media Contact:
Nabeela Mohammed, Financial Dynamics
Tel: +973 17 537 072
Fax: +973 17 534 620