KIC invests $47m in Bahrain resort

DUBAI - Kuwait Investment Company (KIC) yesterday announced an investment of $47 million in the first phase of Al Areen Desert Spa & Resort in Bahrain.

By A Staff Reporter

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Published: Mon 26 Apr 2004, 12:32 PM

Last updated: Wed 1 Apr 2015, 11:53 PM

The landmark $600 million project is being promoted by Gulf Finance House B.S.C (GFH). Addressing a joint news conference in Kuwait yesterday to unveil the details of the investment, top officials of the two reputed investment houses emphasised the value proposition of the project, which will serve to complement Bahrain's drive to emerge as a hub for family and health tourism in the Middle East.

Bader Nasser Al-Subaee, Chairman & Managing Director, KIC, said: "Being a pioneering institution in offering high-yielding investment opportunities in Kuwait as well as in the region, we are extremely confident of our decision to invest in Al Areen. Tourism, particularly family and health tourism, is a key focus area for Bahrain and the project represents an unparalleled development in spirit as well as magnitude which will catapult Bahrain's fame on to the global tourism industry map."

Esam Janahi, Chief Executive Officer, GFH said: "We are very excited about having KIC, one of the oldest and reputed investment institutions in the region, as a key investor in the Al Areen project. We are confident that this partnership will add tremendous value to the Al Areen project, being developed as a first-of-its-kind project in the region." "KIC is our first overseas partner in the project, and the significance of the investment lies in the common outlook the two institutions share about the future of the regional tourism industry as well as the benefits of strategic economic diversification, which is a common imperative for countries in the region," he said.

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