major tourism project will be established in Bahrain at a cost of $1
billion. A number of prominent Gulf businessmen will invest in the
project, which includes a five-star hotel, two four-star hotels and
three three-star hotels as well as residential and commercial
This was disclosed
by Saud Abdul Aziz Kanoo, chairman of Ossas for Real Estate
Development based in Manama. The company, which has a capital of $40
million, will announce its objectives and projects today.
The businessmen who
are taking part in the Amwaj Islands project include Kanoo, Abdul
Hameed Dewani, Abul Qasim Shirazi, Jameel and Faisal Matrouk, Khaled
Sharif and Abdullah Muhammad Saleh.
The company has
floated 10 percent of shares for subscription by companies and
individuals, Kanoo said, adding that the shares received good response
from businessmen and individuals in the Gulf states.
covering an area of three million square meters in the middle of
Bahrain, will be completed within 20 to 30 months. The project’s
second phase will have a golf course, a large recreation city for
children, a zoo and a variety of restaurants overlooking the sea.
decision allowing foreigners to own real estate properties had helped
a lot in carrying out the project, he said adding that Bahrain has
been receiving a lot of investment in the tourism sector, which is
growing at an annual rate of nine percent. He denied reports of
competition between the Amwaj project and the Durrat Bahrain project,
saying the projects are located in two sides of the country. Saudi and
Gulf businessmen have established a number of tourist projects in
Bahrain in the past. The number of tourists visiting the Gulf state is
increasing annually. Last year their number crossed 3.3 million, with
tourists from the Gulf countries accounting for 18.8 percent.