29 May 2006

RealCAPITA Completes the Capital Raising of Amwaj Gateway

RealCAPITA has announced the completion of the capital raising of Amwaj Gateway, to reach a paid-up capital of BHD 20 million. The capital raising was done by private placement among a variety of high network individuals and institutional investors across the GCC region. “The completion of Amwaj Gateway capital raising is proof of the strong faith and trust we have with our investors, considering the advanced stage of this project, as we are almost done with the piling foundation” said Mr. Mohammed AlTawash, Chairman of Amwaj Gateway. Amwaj Gateway is being developed by RealCAPITA, to provide different types of townhouses and apartments housed in three 20-stories towers. The project accommodates a total of 550 different residential units. The development will house the necessary facilities and infrastructure that comes at the forefront of luxurious living such as serviced apartments, restaurants, commercial outlets, swimming pools, gymnasium and a private beach all within a gated community embodying the true “access to luxury”.

The location of the development is unique in terms of its zoning. It’s the only plot in Amwaj Islands to contain such an integrated mix of facilities with unrestricted sea view and its own private beach.

The development (estimated to cost US$ 200 millions) is located by the entrance of Amwaj Islands covering a land area approximately 360,000 square feet.

“The success of Amwaj Gateway is directly related to its management team, we have already recruited the top management staff which includes the project management, cost engineer, and marketing professionals especially that we are in the final stage of completing the foundation works” said Mr. Qais AlMaskati, Managing Director of Amwaj Gateway.

“We are currently considering a number of offers by specialized hotel and leisure investors to co-develop the serviced apartment tower. This will eventually lead to securing an attractive operator for this facility”, he added.

It was announced by Qais AlMaskati that the marketing campaign and retail unit sales would start by mid to end of this summer season.

RealCAPITA, the developer of Amwaj Gateway, is a specialized real estate investment house established in Bahrain last Febraury, 2006, with a paid-up capital of US$ 54 millions, aiming to develop signature projects across the MENA region and beyond.