Kuwait – Mubasher: Kuwait Resorts (Muntazahat) said Sunday it formed an alliance with The Commercial Real Estate (AlTijaria) in order to invest in a new property worth $23.3 million (BHD 8.84 million) in the Kingdom of Bahrain.

The resorts firm said that each of the two Kuwaiti companies holds a 50% stake in the joint venture which is worth KWD 3.55 million (BHD 4.42 million), according to a filing to the Kuwait stock Exchange (KSE).

The Bahraini property is a vacant land under development directly overlooking the sea on Dilmunia Island, the resorts company revealed, adding that the property is surrounded by the island’s main park and a garden.

The financial outcome of the three-year development contract will be reflected in the two firms’ statements following the completion of the development period, the statement added.