Banks and foreign investors have been urged to pump money into a world class USD 1.1 billion Exhibitions City in Bahrain.

As per report, details of the massive project to be built next to Bahrain International Circuit in Sakhir were revealed yesterday when an agreement was signed.

The newly registered Bahrain Exhibitions and Conference Company announced that Phase I of this pioneering venture will cost USD 350 million. It will include a four-star hotel. Both national and international banks and investors will be encouraged to support the complex, which aims to meet all future requirements to develop the exhibitions industry in accordance with Bahrain's Economic Vision 2030.

Dr Hassan Fakhro industry and commerce minister of Bahrain said that it is a JV between Bahrain Exhibitions and Conferences Authority, Mumtalakat and the private sector, represented by Bahrain Chamber of Commerce and Industry. Mr Talal Alzain CEo of Mumtalakat Holdings and Dr Essam Fakhro chairman of BCCI signed the contract to establish the company in the presence of officials.

Dr Fakhro said that “It represents a cornerstone in achieving Bahrain's presence on the map of regional and international exhibitions and conferences and attracting big events and more international, distinguished and specialized participation in conferences and exhibition programs. It will also boost Bahrain's status globally, presenting it as having a favorable environment for exhibitions and conferences and attracting investments, through an integrated economic system.”

(Sourced from Trade Arabia)