Investrade closes strategic deal with Bahrain's Al Areen Hospitality group
CONSUMER NEWS
Investrade, a leading boutique investment and asset management firm, said it had recently closed a strategic deal, under which the company has acquired a 53% stake in the Areen Park Hotel and The land of Paradise Waterpark located in the south of the Kingdom of Bahrain.
These developments are part of the Areen Park Hotel and The Land of Paradise Waterpark project which includes a luxury hotel belonging to Al Areen Hospitality, in addition to a group of villas and apartments, said a statement from Investrade.
On completion, the project will boast a new city in the kingdom spread oveer a sprawling 2 million sq m area that will be able to accommodate approximately 25,000 residents.
Strategically located, the project is within driving distance of the King Fahd Causeway, Exhibition World Bahrain, Bahrain International Circuit, the new sports city in Sakhir, Al Areen Wildlife Park, Blaj Al Jazaer, and other landmarks, said Investrade in its statement.
The signing ceremony for the transaction took place at the Al Areen project in the presence of Shaikh Mohamed Bin Abdulrahman Al Khalifa, Chairman of Executive Board of Investrade, and Hisham Alrayes, the Chairman of Al Areen Holding Company, and other senior officials.
On the strategic deal, Shaikh Mohamed said: "We are delighted to acquire a majority stake in Al Areen Park Hotel and The Land of Paradise Waterpark. This deal demonstrates our long-term commitment to invest in the Kingdom of Bahrain by leveraging its unique offerings."
"This project will also forge an important strategic alliance with GFH Financial Group in this landmark project, which aims to become a leading regional destination," he added.
Shaikh Mohammed bin Duaij Al Khalifa, Managing Director of Al Areen Holding Company, said: "We are delighted to welcome Investrade as partners in the Areen Park Hotel and The Land of Paradise Waterpark, two key features of the Al Areen project, which is set to become one of the kingdom’s leading high-end destinations for living, tourism, hospitality, and entertainment."
"We’re proud to attract such a strong and strategic investor to the project in line with our commitment and contributions to Bahrain’s Vision 2030 and its mission to further grow the Kingdom’s tourism sector," remarked Shaikh Mohammed bin Duaij.
"This transaction is a testament to the high-caliber project and investment opportunity once again created by GFH and our partners. We look forward to working together to maximize the potential of these assets and further advance the vision of Al Areen and the vast and positive social and economic benefits it will deliver for the Kingdom and the community," he added.-TradeArabia News Service
