Bahrain offers island for sale to face its financial crisis

MANAMA, Feb. 15 (YPA) – The Arabian Auctions Company in Bahrain has announced a public auction at the end of this month to sell an island, as a step to confront the recurring financial crisis that hits the Gulf country.

The company said in a statement that the auction will be the largest in Bahrain and will start at $24 million, and will include more than 100 properties and will be held at the end of this month.

“Al-Watan” newspaper indicated that the auction also includes three residential towers, 13 vacant plots of land, 14 residential houses, 11 residential villas, and six residential buildings, as well as an investment building and a number of commercial buildings.

The newspaper said that “the total area of the real estate is 191,000 square meters, and its price is 155 million dollars.”
The island is located in the western waterfront, and its value is equal to 15.4% of the total value of properties offered for sale in Bahrain’s largest auction.

It is noteworthy that Bahrain is an archipelago of 33 flat natural islands.

YPA