An ambitious plan to create an island of fun, sun and sand off the coast of Muharraq island in Bahrain took concrete shape with the launch of participating shares in the tourism and residential project.

The Amwaj Islands project, being developed by Ossis Property Developers, will have marinas, hotels, malls, cinema, bowling alley, health clubs, entertainment park, aqua park and ice skating rink.

Amwaj will also create an attractive residential community including 1,350 residential plots facing the sea in addition to 40 plots for four-storey apartment towers and 40 plots for eight-storey apartment towers.

The project, estimated to cost about $1 billion is to be created on approximately 2.79 million sq m of reclaimed seabed to the northeast of Muharraq island. The reclaimed land will be linked to Muharraq by a single 2 km causeway.

During the official launch of the project at the Gulf International Convention and Exhibition Centre, Ossis chairman Saud Abdulaziz Kanoo said 69,675 participating shares of BD100 each were offered in a private placement. The issue was set to close on June 5.

The project will be developed in three phases: