Bayan has signed a contract for the purchase of land worth KD 83 million. The company announces that one of its affiliate has purchased five plots in the area of Reem Island, Abu Dhabi of up to 4,858,869 square feet with 490,000 square feet of building area, the company reported that on Nov 15, 2007 it signed the final contract for the best sites of the island, for the construction of a group of commercial and residential towers, and the total value of this land is AED 1,109,413,188, equivalent to KD 83,585,619. At the time of signing of the contract the company paid 40 percent of the total price of amounting to AED 443,675,275 or the equivalent of KD 33,434,247. Bayan was established in 1997 and aimed at carrying out all direct investment operations for its own benefit and the benefit of its clients in various economic sectors with promising investment horizons, in addition to providing various consultancy and investment services needed by the business community.
