SARAJEVO CITY CENTER PROJECT REACHES 60% COMPLETION
Manama, Bahrain – 12 December 2012:
Sarajevo City Center, a major real estate project based in Sarajevo, Bosnia, valued at €130,000,000, recently reached 60% total completion. The project is a partnership between International Investment Bank (IIB), a leading investment firm based in Bahrain, and Al Shiddi Group, a Saudi-based business group specializing in construction.
The project is a unique hybrid complex comprising several main interconnecting features. The main building is a shopping mall and an entertainment complex encompassing 5 levels that cover an area of 49,500 square meters. Over the course of the construction, the mall was fully leased and the last agreements are currently being finalized.
The project also contains two towers, each consisting of 18 stories. the first of which is a commercial complex that covers 6,500 square meters.
The second tower will house a 5-star hotel with 224 rooms covering an area of 13,900 square meters. The hotel will be managed by a reputable hotel management company that works according to the principals of Islamic Sharia.
During a visit to inspect the project, the Chairman of International Investment Bank, H.E Saeed Abdul Jalil Al Fahim, commented on the announcement: “At IIB, we take great pride in seeing this project move forward at a pace exceeding our expectations. The project has already proven to be a success with the mall fully leased prior to completion. We believe that the complex will contribute positively to all parties involved, especially to our shareholders, our partners and the business and social communities of Sarajevo”.
IIB CEO, Aabed Al Zeera, also commented on the milestone: “The success of this project is linked to the great value that the residents of Sarajevo will see in the near future. Its location has also contributed to its success. Being situated directly at the heart of Bosnia, the complex provides all patrons proximity to administrative and public institutions, businesses and cultural centers.”
Upon completion, the complex will be one of the largest in Bosnia. The shopping mall is expected to open on September 2013, with the towers opening shortly thereafter.
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