Bahrain-headquartered Khaleeji Bank emerged as the sole bidder and winner for the Request for Proposals (RFP) tender issued by Bilaj Al Jazayer Real Estate Development Company (BAJRD) seeking project finance and a binding terms sheet for hospitality and infrastructure projects within the Bilaj Al Jazayer mixed-use development.

Khaleeji Bank's bid of 40 million Bahraini dinars ($106 million) was accepted by BAJRD, according to a notice from the tender board.

Located on Bahrain’s southwest coast, Bilaj Al Jazayer spans 1.3 million square metres of land and boasts a 3-km beachfront. The mixed-use development is set to feature a range of facilities, including resorts, residential villas and apartments, food and beverage outlets, offices, and retail and entertainment offerings.

In April 2024, Edamah, the real estate arm of Bahrain’s sovereign wealth fund Mumtalakat, announced the appointment of Cebarco as the main contractor for the construction of the Tivoli & Avani Hotels & Residences project at Bilaj Al Jazayer. Cebarco submitted a bid of $126 million for the construction contract, according to a February 2024 Zawya Projects report.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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