Bahrain tourism sector showcased to global investors
Opportunities for private sector investment across Bahrain’s vibrant hospitality, retail and real estate sectors were showcased recently at Gateway Gulf, to explore ways of unlocking the opportunities being created in the region.
The event included a number of key announcements, including major regional investment-ready projects worth US$18 billion, with projects in the planning phase driving up the value of the project pipeline to US$26 billion, with a particular focus on mixed-use developments and new tourism hubs across the southern part of the Kingdom.
Under the umbrella of the Bahrain Mumtalakat Holding Company (Mumtalakat), numerous new resorts in south of the Kingdom revealed huge potential for growth to investors at the forum, in line with efforts to develop the tourism sector.
Highlights of the day included Al Sahel, a new five-star destination; Durrat Dawn and Durrat Crescent, major real estate projects worth US$2 billion with hallmark residential; commercial and tourism anchors for a transformative resort city in the south east of Bahrain; and the Bilaj Al Jazayer development with its flagship Fairmont Hotel along Al Jazayer Beach, an unchartered new tourism destination in the south west.
Other unique developments showcased included Hawar Island, a world-class eco-friendly destination, Phase One of which will commence in the coming months.
Mahmood H Alkooheji, CEO of Mumtalakat, said: “The tourism industry represents approximately 10 per cent of the world’s GDP, a priority sector for Mumtalakat as the sovereign wealth fund of Bahrain.
“We take great pride in the showcasing of several of our key projects in Bahrain here today. Worth over US$2 billion, these real estate projects in the south of the island will enhance our tourism profile as a coveted destination.”
The strength of Bahrain’s hospitality and real-estate pipeline is supported by strong market fundamentals, with the sector expanded steadily over recent years, driving its contribution to the Kingdom’s GDP up by 4.1% compound annual growth rate (CAGR) between 2012-2016.
Overall tourism revenues are projected to reach US$1 billion by 2020, which is driving further growth opportunities in connected sectors, especially retail and leisure.