We explore the interrelationships between the concepts of fictitious commodities, fictitious capital and accumulation by dispossession. We do so through a detailed examination of the dynamics of land reclamation in the Kingdom of Bahrain during the years 2001–2014. Particularly, we dissect in‐depth the ensemble of social relations and chain of events involved in two specific real estate projects, Norana and Bahrain Financial Harbour, that have come to symbolize Bahrain's neoliberal era. Reclamation was a unique process in which land was explicitly produced as a commodity for market purposes. Primary material of land deeds, company registration documents, and news articles were used to map out the social relations across the state–finance–real estate nexus. We emphasize that our understanding of accumulation by dispossession involving land is greatly enhanced if we view it as a process of reconfiguring the ensemble of social relations using fictitious commodification and fictitious capital formation.