Bahrain signs pact with GFH to develop Al Areen
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Bahrain Tribune 16 February 2004 The Gulf Finance House (GFH), and the Ministry of Finance and National Economy (MOFNE) of the Kingdom of Bahrain signed
a Memorandum of Understanding (MoU), clearly stating the roles both parties will play in developing the $600 million Al Areen Desert Spa and Resort.
The MoU was signed by Abdul Hameed K Zaman, assistant undersecretary for operations, MOFNE, and Esam Janahi, chief executive officer, GFH, in the presence of Shaikh Hesham A Mohammed Al-Khalifa, head of central strategy office, MOFNE.
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 catalyse the fervent economic diversification drive underway in Bahrain, while setting a benchmark for innovation and excellence in the region," he added.
Janahi said: "The MoU with MOFNE takes us one more step ahead in the development of Al Areen Desert Spa and Resort. The MoU, in which both parties have stated their roles and responsibilities in developing the project, also strengthens the healthy cooperation existing between government bodies and the private sector in promoting Bahrain regionally as well as globally."
The Al Areen Desert Spa & Resort development has been conceived as an eclectic blend of relaxation and rejuvenation facilities, a host of tourism and leisure activities, hospitality services and residential units with modern amenities and infrastructure.
The project, which is the only one-of-its-kind in the region, 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 centre 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.
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