ADIH signs MoU with Al Areen
Manama: Abu Dhabi Investment House (ADIH) has last month signed a Memorandum of Understanding (MoU) with the developers of Al Areen project, in Bahrain, to develop four residential and commercial clusters at a cost of $335 million.

These new projects, spread over a 235,295 sq m area along the southern region of the Al Areen development, will offer views of the Al Areen Wildlife Park and Reserve.
The project is expected to be completed in two years.
Bahrain to break materials monopoly
Manama: The Cabinet has agreed to break the monopoly on building materials by giving the private sector the green light to import and sell large quantities of materials in an attempt to fuel Bahrain’s building boom.
The materials that can be freely imported include cement and concrete elements – providing they match quality and technical standards.
The Cabinet, chaired by Prime Minister Shaikh Khalifa bin Salman Al Khalifa, approved plans for firms to import materials from different suppliers, and then sell them at affordable prices to consumers.
The ministries of Interior, Industry and Commerce, Works and Housing and Finance have been asked to study the possibility of allocating sites overlooking coastal areas for unloading and distributing imported material.
Hyundai wins power lines deal
Riyadh: Hyundai Engineering and Construction has won a total of $279 million in orders to build power transmission lines and a substation in Saudi Arabia, the South Korean builder said.
Under the contracts with Saudi Electricity, Hyundai will build 450 km of power lines by July 2008 and the substation by August 2009, the company said.
Work set to start on Bahrain’s suq
Manama: Construction work on the first phase of the Manama suq development is set to start within a month, with three contractors submitting bids with a value around BD3 million ($7.96 million) to the Tender Board.
One of them will be appointed shortly, said Municipalities and Agriculture Ministry undersecretary Dr Juma Al Kaabi.
Bids were submitted by Bokowa Contracting, Almoayyed Contracting and Hafeera Construction.
Work is expected to start within a month and completed within 18 months.
Bahrain saves $200m in three years
Manama: Bahrain has saved BD75 million ($199.4 million) in three years on government projects and purchases, thanks to tight monitoring by the Tender Board, according to a report.
Since its inception in 2003, the board has awarded about 4,000 tenders for projects totalling BD1.25 billion.