Bahrain based investors got their desires fulfilled of a stake in the $2.1 billion USD Power & Water project, the Al Dur, when GIC and GDF Suez decided to part with a 25 percent and a 5 percent share respectively.
Gulf Investment Corporation ( GIC ), the Kuwait based giant gave away half of its share whereas the French based GDF Suez parted with a 5 percent share making it the biggest stake holder in the project.
The spokesman for GIC announced that the strong interest of Bahrain based investors like Bahrain Islamic Bank, Social Insurance Organization of Bahrain, First Energy bank and Instrata Bunya Fund were the cause of a large sale the stake.
Al Dur is due for completion in 2011 and is located approximately 25 miles south of Al Ezzel, another power plant where GDF Suez enjoys a 45 percent share. Al Dur will generate 1240 megawatts of power and will have the capacity to desalinate 218, 000 cubic metres of sea water per day.
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