Gulf Finance House and Bahrain Ministry of Finance sign MoU for Al-Areen project
The Gulf Finance House (GFH) and Bahrain’s Ministry of Finance and National Economy (MOFNE) signed a Memorandum of Understanding (MoU) stating the roles both parties will play in developing the $600 million Al-Areen Desert Spa and Resort.
Assistant Undersecretary for Operations for MOFNE Abdul Hameed K. Zaman referred to Al-Areen Desert Spa and Resort as a milestone project that will play a significant role in accelerating the pace of growth of family and health tourism in Bahrain. “The project will also serve to catalyze the fervent economic diversification drive underway in Bahrain, while setting a benchmark for innovation and excellence in the region,” he added.
The Al-Areen Desert Spa & Resort will have four major components – the Oasis Spa Resort, Themed Hotels, a Residential Village and Aqua Park. The development will only be a 25-minute drive from the city center of Manama and 35-minute drive from the Bahrain International Airport. 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)