AFH to market Bahrain spa project in Lebanon
Al Areen Desert Spa and Resort names Beirut’s Arab Finance House as its marketing representative for Lebanon as GFH targets Lebanese tourism sector
Al Areen Desert Spa & Resort, the US $600 million tourism development project in Bahrain, has named Arab Finance House in Beirut (AFH) as its marketing representative for Lebanon. The move is designed to exploit opportunities in the Lebanese tourism industry and to benefit from visiting Lebanese and Arab expatriates.
“The real estate market is booming in the region and we expect the coming three years to be the golden age of real estate in the region,” said Esam Janahi, Gulf Finance House (GFH), CEO, the firm responsible for the Bahrain Financial Harbor. “Initial public offerings for new projects in the region are always being over-subscribed and the majority of companies have been consistently reporting growth, some even double-digit growth,” he added.
With 2001’s 11th September attacks having brought Arab capital back into the Middle East, creating additional investment interest and capital asset offerings throughout the region, construction and tourism projects are more lucrative than ever before according to AFH.
“We don’t have exact figures, but we are talking about hundreds of millions of US dollars, if not more,” explained Jamil al-Jaroudi, associate general manager, AFH.
Jaroudi said the vision behind Al-Areen is to provide a relaxing experience through health and spa facilities, tourism and leisure activities as well as hospitality and accommodation services. The hilltop project is adjacent to the Al-Areen Wildlife Sanctuary and Bahrain International Circuit and is a 25 minute drive from Manama city centre and a 35 minute drive from Bahrain International Airport.
“The Al-Areen Desert Spa and Resort will turn 2 million m2 of desert into a veritable wonderland,” said Jaroudi. “The four components: the spa resort, residential village, five-star hotels as well as the aqua park are designed to reflect traditional Arabic structures.”
The spa will open in early 2007, with a five-star hotel and an Aqua Park to be completed by the end of 2007.