US firm buys key stake in Bahrain project
Manama, May 5, 2013
Leading US firm Avenue Ventures (AV) has reached a deal with Bahrain-based Al Areen Holding Company to acquire a 35 per cent stake in the company and also be a key partner in upgradation of its existing hospitality and leisure facilities, said a report.
Addressing an investors' seminar, Al Areen said its upcoming project is renewing its momentum with an upgrade of existing hospitality and leisure infrastructure, and introduction of new facilities.
As per the agreement, AV will be a key partner in upgrading the existing hospitality and leisure facilities and will also advise on the development of new facilities and components.
Senior officials including Avenue Ventures senior executive vice-president Robert W Sweeney, senior executive vice-president of Avenue Ventures, and former US presidential candidate General Wesley Clark, were present at the seminar and endorsed the partnership, whilst also praising excellent relations between Bahrain and the US.
"The new partnership represents significant foreign direct investment for Bahrain, in a particularly challenging economic climate," said Al Areen owners representative Esam Janahi.
"As part of the investment in Al Areen City, they will offer advisory expertise and internationally renowned professionals to further enhance the quality of the development. This will enhance the vision of Al Areen to provide the highest standards of master development and facility management services to sub-developers."
Janahi said that existing facilities will be enhanced by the refurbishment of the Al Areen Palace & Spa Hotel and the addition of a Clinical Spa and Spa Therapy Training Centre, purpose-built and managed by an international operator.
The Lost Paradise of Dilmun Water Park will be upgraded with an interactive educational component, new rides and other attractions all under a new operator.
It was also announced that a key component of the Al Areen City development will be a new medical centre.
Al Areen's existing facilities will also be modified to bring them into line with environmental practices, including solar energy for all installations, advanced wastewater treatment plants and the associated production of biogas.
"We feel that our expertise in similar developments abroad can add value to the development with its leisure, hospitality and residential offerings. Plans are in place for the development's upgrade and we look forward to being part of the announcement of further details in the coming months," said Sweeny.-TradeArabia News Service