Eagle Hills International, an Abu Dhabi-based private real estate investment and development company, has signed a $4 billion joint venture agreement to establish Binaa Al Bahrain, a real estate development company in Bahrain.

The agreement, which brings together the private sectors of both Bahrain and the UAE, will see Binaa Al Bahrain leverage its strong business relations to drive innovative and transformative real estate projects in the kingdom through a number of local partnerships with esteemed organisations including Edamah, the Bahrain Real Estate Investment Company, and Mumtalakat, the kingdom’s sovereign wealth fund.

Eagle Hills Chairman Mohamed Alabbar said: “The launch of Binaa Al Bahrain reflects the laudable efforts of His Highness Sheikh Mohammad Bin Zayed Al Nahyan and His Majesty King Hamad bin Isa Al Khalifa, to strengthen ties between both nations. The start of this fruitful partnership saw the launch of Marassi Al Bahrain, which has witnessed tremendous success in catering to the needs of the Bahraini community and supporting the government’s economic development ambitions.”

“This joint venture will see us spearhead significant real estate projects across the kingdom, and demonstrate our commitment to continued growth and excellence anchored on collaborations with strategic partners in Bahrain and beyond,” he said.

In line with the kingdom’s Economic Vision 2030, Binaa Al Bahrain aims to contribute to the long-term development of the kingdom through its iconic projects.

The company will focus on creating mixed-use projects offering a wide range of residential, commercial and entertainment opportunities designed to elevate the overall local community experience.

Some of the key projects the JV will invest include Southern City project, Al Furdah project, the next phase of Marassi Al Bahrain and further developments in Diyar Al Muharraq.

Future projects brought by Binaa Al Bahrain will lead to a positive impact on housing for Bahraini citizens and residents, offering residential cities suited for all segments of the local community, said a statement.