Dubai-based Mourjan Marinas IGY has signed an agreement with Bahraini Global Real Estate Development Company (Gredco) to carry out work on the $2.5bn Marsa al-Seef development in Bahrain.

Mourjan will develop and operate two of the marinas on the man-made island development, which is located off the kingdom’s north coast.

Gredco is part of Bahrain’s Global Banking Corporation. Mourjan Marinas IGY is a joint venture between US-based Island Global Yachting and Malta-based company G-Marin.

In December last year, Gredco received bids from at least five companies for a major dredging contract on the Marsa al-Seef development (MEED 6:12:09).

When completed, the Marsa al-Seef development will cover an area of approximately 2.5 square kilometres. The developer plans to build a mixed-use development on the island including residential towers, office buildings, a shopping mall, parks and waterfront restaurants and cafes.