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Thursday, November 26 - 2009

Ithmaar Development Company (IDC) appoints senior Project Managers

  • Bahrain: Sunday, April 13 - 2008 at 15:51

Ithmaar Development Company, the development arm of the Bahrain-based Ithmaar banking group, appointed managers for two major projects, the $1.6bn Dilmunia 'health island' and a $175m 38-storey hotel/office complex and residential tower, to be located off the Kingdom's Seef District.

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  • Rizwan Mumtaz and Jean-Claude Bejjani.
    Rizwan Mumtaz and Jean-Claude Bejjani.
Jean-Claude Bejjani's role, among others, will be as the Project Manager of Dilmunia, a 1.25 million-square-metre island, to be reclaimed on the north east coast of Bahrain, and which is set to revolutionise health care in the Kingdom and turn it into a hub for health tourism.

Meanwhile, Rizwan Mumtaz will be the Project Manager of Ithmaar Development Company's high rise developments, starting with the hotel and residential project to be located off Bahrain's up and coming Seef District.

"We welcome the two new additions to our management teams, both of whom bring to the table broad experience from having worked on mega developments and infrastructure projects in the region before. Rizwan and Jean-Claude will be valued assets to us as we continue to expand our portfolio and enter new territories," said Ithmaar Development Company CEO & Member of the Board, Mohammed Khalil Alsayed.

Bejjani, a French-Lebanese national, comes to Ithmaar Development Company from French multinational/ Partenaires Développement, where, in his capacity as Resident Manager in Bahrain, he oversaw planning and early execution works on the new Northern Town, a $4.5bn mega project which is being built by the Government of Bahrain in the Kingdom's Northern Governorate.

With Masters degrees in Architecture and Town Planning from the Versailles School of Architecture, France, Bejjani has over ten years of project management experience, focusing on urban development, in both Europe and the Middle East. Bejjani's role in the Dilmunia project includes following through with the master plan, the implementation of the urban regulations of the development, and the design and execution of works, including the reclamation already in progress. The project is expected to take five years to complete in its entirety.

"Dilmunia will be a major addition to Bahrain's health and tourism infrastructure and will have a long-lasting positive impact on the Kingdom's economy. With the support of the Ithmaar Development Company team, I look forward to guiding the project through each of its phases and, along the way, providing support to developers, other strategic partners and end-users," said Bejjani.

Mumtaz, who has a Master in Civil Engineering from Kansas State University, is a specialised engineer with over two decades of experience in project management, construction management and structural engineering. Among the companies he previously worked for are reputed international consultants Tilke & Profabril and Bahrain-based developer Amwaj Gateway Company. He has played key roles in a series of prestigious projects in Bahrain, including the $200m Bahrain International Circuit Project, the $400m Coke Calcining Plant and Jetty Facility Upgrade Project for Aluminium Bahrain (Alba), a $200m housing development for Amwaj and a $100m five star hotel being constructed in the Seef District. In addition to the above-mentioned tower project, Mumtaz will also be in charge of Ithmaar Development Company's future high rise projects, which are currently under study.

"It is exciting to be charged with such an important role by Ithmaar Development Company as it begins implementing its multi-billion dollar pipeline of projects, which are set to, very literally, transform the Kingdom of Bahrain's skyline and even the island's map," said Mumtaz.

Also part of Ithmaar Development Company's current $3.3bn projects portfolio is the $1.5bn Aljazayer Beach Resort project, which will completely revamp the existing facility and turn it into a world class attraction for residents and tourists. Just coming out of its first full year of operations, the company's profits contributed significantly to parent Ithmaar Bank's $188.3m record net profit for the year ended 31 December, 2007.
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Tariq Khonji or Bassel Hanbali

About Ithmaar Development Company:

Ithmaar Development Company was set up by Ithmaar Bank in 2006 and has been mandated to manage and execute major development projects, with a focus on real estate, infrastructure, resorts, hotels, medical facilities and commercial buildings. Ithmaar Development Company's activities also include, among others, management and development of property and related consultancy services, as well as facility management.

IDC's initial portfolio of projects consists of the Health Island project, Aljazayer Beach Resort, and a hotel/office tower project. The total value of these prestigious developments is estimated at around $3.3 billion.

The $1.6 billion Health Island (Dilmunia) entails the creation of international standard health and wellness facilities in a resort-style environment. The project will be constructed on a man-made island off the north-east coast of Bahrain and will include a state-of-the-art diagnostic centre, nutrition/diabetes centre, cosmetic surgery, aesthetic medicine centre, women and children centre, alternative medicine centre and sports medicine centre. The project will also include deluxe spas and boutique hotels as well as residential clusters, commercial facilities and recreational amenities.

The $1.5 billion Aljazayer Beach Resort project involves the creation of a world class leisure, family tourism and entertainment facility in the southwest coast of Bahrain. The facilities will include public beaches, several hotels, marinas, a theme park, a water park, an aquarium, a cultural center, a commercial district, residential units and chalets.


The hotel/office Tower project, estimated at $175 million, comprises a hotel that includes service apartments and an office complex, and will be located off the up-market Seef District of Manama. The hotel will be a luxurious family-oriented property, which will be the first of a chain of hotels that Ithmaar Development Company and its parent company Ithmaar Bank will develop within and outside the GCC countries.

Ithmaar Development Company is confident of establishing a sterling track record and setting a benchmark in conceptualising, developing and executing such world class projects in the fast growing regional real estate and property sector. Ithmaar Development Company's professional team is led by its CEO & Member of the Board, Mohammed Khalil Alsayed, who has a distinctive track record of leading major development and infrastructure projects.

About Ithmaar banking group

The Ithmaar banking group consists of: Ithmaar Bank, Shamil Bank, Solidarity (an Islamic insurance company), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company. The group's services, including investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, leasing, and real estate development, form a 360 degrees value chain that embraces the entire spectrum of banking and financial services.

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