Indian real estate firm Ajmera Mayfair Realty will increase its current investment in Bahrain Bay Development from USD 30 million to USD 300 million, a news report has said.
Real estate developers Ajmera Group and Mayfair Housing have formed the Ajmera Mayfair Realty Group and jointly invested in the purchase of a waterfront land parcel at Bahrain Bay, a Gulf Daily News report said.
The company will begin construction of a 50-storey high-rise commercial tower on the land by the end of the year.
Ajmera Mayfair Realty Group representatives met Bahrain's King Hamad during his visit to India accompanied by a business delegation that included Bahrain Bay Development deputy chief executive Abdulla Al Doseri.
Rajnikant Ajmera and Nayan Shah, representing the new entity, said: "We have reaffirmed our interest in the Bahrain Bay project, a unique waterfront development that encouraged us to choose it as our first overseas investment destination."
Ajmera and Shah said the development's pace of progress had given them the confidence to increase their investment, said the report. Al Doseri welcomed the confidence shown by Ajmera Mayfair.
"Bahrain Bay has remained stable through the economic challenges of the last decade, inspiring public confidence and bringing in a network of strong and trusted partners and investors," he said.
Located in the North East and heart of Manama city, Bahrain Bay is currently valued at USD 2.5 billion.
