Abu Dhabi provides funding for Bahrain’s new city project
Aug 26, 2016 – Construction work in Bahrain’s North City is set to start, after receiving AED374M ($101M) in funding from Abu Dhabi Fund for Development (ADFD).
The country’s new city, also known as Al Madina Al Shamaliya, will eventually house up to 90,000 people in affordable accommodation.
The funding will support the start of the land reclamation and the project’s construction work.
The AED2.56bn ($696.9M) second phase of the project will follow and will involve construction of the first 2,694 houses.
Bahrain minister of housing Basim Bin Yacob Al Hamer said: “We are hugely appreciative of this funding, which will help us [relieve] some of our chronic housing shortages here in Bahrain with the North City project.
“I hope that such economic and social development, such as with our new airport, will be a catalyst for national and regional growth.”
According to the minister of housing, the development forms part of a broader plan to build 40,000 new homes.
ADFD director general Mohammed Saif Al Suwaidi said: “The North City project is an important project, which will be an economic boost to Bahrain through new construction and opportunities, as well as easing urgent overcrowding issues.”