MOFNE and GFH set up Desert Spa firm

$300 million holding company for the Al Areen Desert Spa & Resort set up in order to make the vision become reality

  • E-Mail
By  Rhys Jones Published  April 10, 2004

The Bahrain Ministry of Finance and National Economy (MOFNE) and the Bahrain-based investment bank Gulf Finance House (GFH) are setting up a holding company for the Al Areen Desert Spa & Resort project with authorised capital of over US $530 million. This step has been taken to make the $600 project a reality which will enhance the country’s health tourism sector and make Bahrain a regional hub for family holidays. The Al Areen Desert Spa and Resort launched this January under the patronage of Sheikh Hamad bin Issa al-Khalifa, King of Bahrain. The resort will provide a range of health and fitness based facilities along with residential units and all of the necessary infrastructure in place for the various hospitality services. “We have been getting tremendous response from potential investors and development partners who are keen to associate with the project. With the support of the Government of Bahrain, we are absolutely confident that the Al Areen Desert Spa and Resort development will be a tremendous success, contributing more weight to the growing tourism industry of Bahrain,” said Esam Janahi, GFH, CEO after the signing. Janahi added that GFH will have a stake of 66.67%, which includes the share of investors and strategic partners in the project while the Bahrain Government will hold a stake of 33.33%. It will be located behind the Al-Areen Wildlife Sanctuary and adjacent to the Bahrain International Circuit and 35-minute drive from the Bahrain International Airport. Oasis Spa Resort will offer an array of health, spa and therapeutic facilities from the Indian Ayurveda to Roman Baths. It will also feature an Aqua Park as well as tourist and leisure activities and will be ready by mid 2007. The Residential Village component of the development will be a confined exclusive community consisting of about 350 one and two-storey villas. “Our partnership with GFH is also a significant example of how Bahrain values joint efforts by government and private sector in pursuing economic development objectives,” said Shaikh Hesham Mohammed Al Khalifa, Head of Central Strategy Office, MOFNE.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code