Abu Dhabi: The Abu Dhabi Fund for Development (ADFD), the UAE’s international development arm, announced on Wednesday it has formalised a contract for a grant worth Dh2.9 billion to enable a development project in Bahrain.
The funding agreement will enable the beginning of the construction of North City, an island being built in Bahrain. The grant enables the preparation for the land reclamation to get underway and the beginning of the island construction, with phase one costing Dh374 million.
This will be followed by the start of phase two to which Dh2.56 billion of the UAE’s grant will go. The phase will include the building of the initial 2,694 houses. Upon completion, the new city will be made up of a set of interlinked man-made islands.
“We are hugely appreciative of this funding, which will help us alleviate some of our chronic housing shortages here in Bahrain, with the North City project part of a much broader plan to build 40,000 new homes for our people. I hope that such economic and social development, such as with our new airport, will be a catalyst for national and regional growth,” said Basim Al Hamer, Bahrain’s Minister of Housing.
The project is being funded by the Dh9.19 billion grant provided by the UAE to Bahrain in 2013 as part of the GCC development programme aiming to support development projects in Bahrain over 10 years.
Under the grant provided by the UAE to Bahrain, ADFD also manages development projects across economic sectors including housing, water, health, and transportation.
