CMH Role: Strategic Investor

Safana Investment Company (Safana) owned a sea bed property of approximately 868,010 square meters located off the northern coast of  Bahrain. The project is being promoted by Al Salam Bank. CMH as a strategic investor acquired shares in Safana and sold down part of its investment to its clients.

In January 2007 Safana and another development company (which owns an adjacent property) pooled their resources to create one development project with one master plan. Consequently a new company was formed, Nurana (North Star) Holdings WLL, in May 2007. Subsequently, CMH purchased trust certificates of Nurana representing economic interest in the project, a portion of which was sold down to its clients. The project, as a result of the pooling of land resources, now covers a total of approximately 2 million square meters of adjoining seabed plots located near the Seef District, one of the most prestigious locations in the Kingdom of Bahrain.

Based on the results of market research studies, a mixed use development master plan has been formulated with areas allocated for residential, commercial, retail, food & beverages, hospitality, entertainment/leisure activities, as well as a number of public spaces and supporting infrastructure. Development of Nurana will proceed in two phases.