Kuwait- Mubasher: The Commercial Real Estate Company (Al-Tijaria) has signed an agreement with Fundament SPC as the main contractor and Arab Engineering Bureau as the engineering supervisor to implement and supervise a tower in Bahrain.

The project is expected to be carried out in 26 months at a value of BHD 16.26 million ($42.8 million). The residential tower located in Hoora region in Bahrain has an area of 3,900 square metres, according to Al-Tijaria’s statement to Boursa Kuwait on Thursday.

The board of directors had stated by the end of March 2016 that the company is investing about BHD 35 million ($92.8 million) in a real estate project which includes residential complexes, adding that contracting processes of the company’s project in Bahrain will take place in the second quarter of 2016.

In May 2016, the company had purchased two plots of land in Bahrain worth BHD 3.87 million.

The company’s profits reached KWD 15.3 million in 2016, compared to KWD 20.6 million in 2015, showing a drop 25.88%.