Bahrain sets up new $530m firm

DUBAI - The Bahrain Ministry of Finance and National Economy (MOFNE) and the Bahrain-based investment bank Gulf Finance House (GFH) are setting up a holding company for the Al Areen Desert Spa and Resort project with an authorised capital of over $530 million (BD200 million) as announced yesterday.

By A Staff Reporter

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Published: Sun 4 Apr 2004, 12:22 PM

Last updated: Thu 2 Apr 2015, 11:33 AM

This step is taken to make the $600 project a reality which will certainly enhance the country's health tourism and make it a regional hub for family holidays. The Al Areen Desert Spa and Resort launched this January under the patronage of Shaikh Abdulla bin Hamad Al Khalifa, the Governor of the Southern Province, will have all the relaxation and rejuvenation facilities alongwith residential units with modern amenities and all necessary infrastructure for various hospitality services.

Esam Janahi, chief executive officer of GFH, after signing the MoU and Articles of Incorporation at the MOFNE, said: "We have been getting tremendous response from potential investors and development partners who are keen to associate with the project. With the support of the Government of Bahrain, we are absolutely confident that the Al Areen Desert Spa and Resort development will be a tremendous success, contributing more weight to the growing tourism industry of Bahrain."

Janahi further said GFH will have a stake of 66.67 per cent which will include the share of investors and strategic partners in the project while the Bahrain Government will hold a stake of 33.33 per cent. It will be located behind the Al-Areen Wildlife Sanctuary and adjacent to the Bahrain International Circuit and 35-minute drive from the Bahrain International Airport.

Oasis Spa Resort which will offer the entire array of health, spa and therapeutic facilities from the Indian Ayurveda to Roman Baths will be the main attraction of this resort and the Aqua Park will offer tourist and leisure activities and will be ready by mid 2007, the Residential Village component of the development will be a confined exclusive community consisting of about 350 exquisitely built one and two-storey villas.

Shaikh Hesham A. Mohammed Al Khalifa, Head of Central Strategy Office, MOFNE, said: "Our partnership with GFH is also a significant example of how Bahrain values joint efforts by government and private sector in pursuing economic development objectives."

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