MANAMA: A new joint venture company will be set up in Bahrain, it was announced yesterday.

Top Indian construction company, Bangalore-based Kristal Group, has formed a joint venture with Bahrain-based Crown Dilmun Development to set up the new firm Kristal Crown International, it was announced at a Press conference at the Intercontinental Regency Bahrain.

Kristal Crown International will be formally launched by Indian Ambassador Dr George Joseph during a function at the hotel today.

"This new company has been formed to handle civil contracting works in Bahrain and the Middle East and North Africa region," Kristal Group chairman and chief executive officer K K Namboodiri said.

"The coming together of two reputed groups and the formation of this joint venture truly reflects the deep and long standing ties that exist between Bahrain and India," he said.

He said all indications are that there is massive potential in the construction industry in the region.

"Some of our ongoing projects in Bahrain and the region are testimony to the fact that we are doing well already."

Crown Dilmun Development parent company Ebrahim Abdulaal marketing director Waleed Ebrahim Abdulaal said they are excited about the prospect of a partnership with one of India's best-known and respected groups.

"We are sure with their expertise and our experience in the region, we shall become a force to reckon with in the construction sector in the very near future."

Crown Dilmun Development is a Bahrain based real estate development company that operates locally, regionally, and internationally. It is mainly into investment, property management and development and purchase and sale of properties.