Economic Times - India
Bahrain Group. Cochin Realty Co Ink $6 bn JV
The Al Hayat Group of Bahrain, a diversified conglomerate with interests in financial services o real estate, will enter into a 51:49 joint venture with Kunnel Engineering, a cochin-based real estate and civil construction company, later this week.
The two partners are scheduled in the gulf and develop a string of residential real estate projects in the gulf country as part of an ambitious $6-bilion housing construction project, being taken up across four man made islands off the coast of Bahrain . “We have signed an MOU with Kunnel Engineering for a $6-billion project coming up in our country. There are few countries in the gulf region that can provide the kind of engineering and civil construction skill required in such a mega project”, Sayed Hadi al Alawi, Chairman & CEO of Al Hayat Group told ET on Thursday. Mr. Alawi is in the city to attend the CII Partnership Summit, which has seen a sizeable participation from the Arab countries this year.
The Al Hayat-Kunnel deal, to be signed in Bangalore within the next couple of days, is expected to initiate the first major participation by an Indian construction company in Bahrain . “It will provide Kunnel a very strong foothold in the gulf region The company will set up a presence in Bahrain coming in the region,” Mr.Alawi added. Bahrain is in the midst of a massive real estate and construction drive and is scouting for partners in India.