A top Kuwaiti developer said on Monday it has bought 9,554 square metres of land in Bahrain valued at around 6.13 million Bahrani dinars ($16 million) for a project.

Mabanee Company said in a disclosure statement on Kuwait’s bourse that the land is located in the Bahrain Bay mixed-use development in capital Manama.

The firm didn’t specify the project but said its Bahrain-based subsidiary signed the deal for the vacant land.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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