Sale of land development parcels reaches 100%

Manama, Bahrain, March 30 2005:  The development of the landmark US$750 million Al Areen Desert Spa & Resort got a significant boost today with H.H. Sheikh Abdullah bin Hamad Al Khalifa, the Governor of the Southern Governorate and the President of the Public Commission for the Protection of Marine Resources, Environment and Wildlife, laying its foundation stone and officially opening the on-site Al Areen Client Relations Centre (CRC) south of Manama.

Terming the opening of the CRC and foundation stone laying ceremony as milestones in the development of the Al Areen Desert Spa and Resort at a high-profile function attended by senior dignitaries, investors, VIPs, media, and officials from the Gulf Finance House Group, senior representatives of the Al Areen management said that the construction of the Oasis Spa has begun as the initial building step of the development.

Characterizing the CRC opening as a strategic step in the development of Al Areen Desert Spa and Resort, Mr. Esam Janahi, Vice Chairman of the Board of Al Areen Holding Company expressed his gratitude to H.H. Sheikh Abdulla bin Hamad Al Khalifa for his kind patronage for laying the foundation stone of the Al Areen Development. He also thanked their Excellencies, the Ambassadors, the Governors of various Governorates as well as the audience for their participation in this event.

In addition, Mr. Janahi praised the efforts and guidance of Sheikh Ahmed bin Ali Al Khalifa, Chairman of the Board of Directors of Al Areen Holding Company and said: "The development of Al Areen Desert Spa and Resort has now reached a very essential phase with the opening of the CRC and beginning of the construction of the Oasis Spa."

"The CRC will proactively promote the project across the region and overseas. The project has generated considerable enthusiasm among investors as is evident from the thumping response to development of the land parcels," he said.

The Al Areen CRC will serve as a fully integrated sales and support centre for developers, consisting of audio-visual and mockup display areas, and will function as a hub for promoting and advertising the development.  Moreover, the CRC will host guests, investors, events, press conferences, meetings, and site tours.

"100% of the development parcels have been successfully sold to a group of leading local and international contracting and tourism companies that will develop the various land parcels according to the blueprint package, development specifications and strategy of Al Areen Desert Spa & Resort, which will include residential, commercial, hospitality, recreational and entertainment facilities under the supervision of the holding company. The holding company will also be responsible for developing the infrastructure, water park and spa as the main components of the development.  The names of the current developers will soon be announced," said Mr. Janahi.

"For investors, Al Areen is a big opportunity to take part in the booming tourism market of Bahrain as well as the region. Al Areen will offer a serene atmosphere in a uniquely rejuvenating, and entertaining environment," added Mr. Janahi. "We are confident that the project will be developed within the timeframe we have set for Al Areen with cutting-edge professionalism and aesthetics, mixing modernity with tradition. Al Areen will offer a serene ambience, away from the rush of the city, providing quality leisure time to its guests."

Al Areen Desert Spa and Resort has been conceived to tap the rising interest of the regions family and health tourism market.  The development's components include a first-of-its-kind spa resort, a world-class water park, gated residential communities, commercial outlets, as well as entertainment, hospitality and recreational facilities. Strategically located adjacent to the Al Areen Wildlife Sanctuary, and the Bahrain International Circuit, the development is an ideal getaway from the hustle and bustle of everyday life.

The master plan and urban design of the project has been prepared by a consortium led by the Lebanon-based Erga Group. The international partners of Erga include Borja and A4 (Chili), Ian Hogan (UK) and Francois Gauthier (France). 

-Ends- 

For further details contact:
Jayakrishnan B/Freeda D'souza/Eyad Mohammed
Percept Profile Gulf
+9714 3446373 (T)
+9714 3429158 (F)
E-mail: info@perceptprofilegulf.com

Abeer Al Khan
Marketing & Communications
Al Areen Holding Company
Elite Suites,
Manama
Kingdom of Bahrain
P.O. Box 18108
Tel: +973 17 558355
Fax: +973 17 555086

© Press Release 2005