Manama, (Business News Report)|| The Arabian Auction company in Bahrain has announced its intention to hold a public auction at the end of this month to sell a private island.
The public auction will be the largest in Bahrain, and it will start at $24 million, according to Al-Watan newspaper.
The auction will include more than 100 properties and will be held on February 28.
The newspaper pointed out that the auction will include, in addition to the private island, three residential towers, 13 vacant plots, 14 residential houses, 11 residential villas, six housing buildings, an investment building, and a number of commercial buildings.
The newspaper quoted a company statement as saying that “the total area of these properties is 191,000 square meters, while their price is about 58.3 million Bahraini dinars ($155 million).”
The statement stated that the island will be the most expensive in the auction.
The island is located in the western waterfront of the country, and its value is equivalent to about 15.4% of the total value of real estate offered for sale in the largest auction in Bahrain.
Bahrain is an archipelago of 33 natural flat islands.
The Bahraini government is carrying out many reform projects to increase the number of artificial islands in it. The largest natural islands are Bahrain, Muharraq Island, Umm Ali, and Sitra. Bahrain does not share a land border with any country.
Future Generations Fund
In a separate context, the Bahraini Ministry of Finance said that the Future Generations Fund increased by 32% during the past year 2021.
The ministry indicated that the fund of the assets of the Future Generations Fund increased to $624 million by the end of 2021.
Thus, the fund was able to record an increase of $151 million in its assets.
The ministry indicated that this increase came since the deduction of $450 million in June 2020 to support the state budget to deal with the emergency financial repercussions caused by the Coronavirus pandemic.
The Fund had started 2020 with assets estimated at $917.8 million, and deducted $450 million after the issuance of Decree Law No. 23 of 2020 regarding drawing some cash from the fund to support the state’s general budget to limit the repercussions of the pandemic.
