Bahrain government and GFH form holding company for Al-Areen Desert Spa and Resort
The Bahrain Ministry of Finance and National Economy (MOFNE) and the Gulf Finance House (GFH) plan to set up a holding company for the Al-Areen Desert Spa and Resort project with an authorized capital of over 200 million Bahraini dinars ($30 million).
According to CEO of GFH Esam Janahi, the finance house will have a 66.67 percent stake in the new company, which will include the share of investors and strategic partners in the project while the Bahrain Government will hold a 33.3 percent stake. He said the issued capital of the holding company will be over $185 million.
The Al-Areen Desert Spa and Resort was officially launched in January. The project, a 25-minute drive from the city center of Manama and 35-minute drive from the Bahrain International Airport, will have four major components – the Oasis Spa Resort, Themed Hotels, a Residential Village and Aqua Park. It will be located behind the Al-Areen Wildlife Sanctuary and adjacent to the Bahrain International Circuit. — (menareport.com)
© 2004 Mena Report (www.menareport.com)