DIYAR AL MUHARRAQ announced an agreement with the China Middle East Investment and Trade Promotion Center FZCO (Chinamex), and its subsidiaries for the establishment and operation of the first Chinese city development in the Kingdom of Bahrain. Through this project, DIYAR AL MUHARRAQ will make a significant contribution to the development of Bahrain's economic and cultural sectors. Mr. Abdul Hakim Al Khayyat, Chairman of DIYAR AL MUHARRAQ, Mr. Aaref Hejres, CEO and senior officials of DIYAR AL MUHARRAQ and its affiliates met a delegation of senior Chinese investors led by Mr. Hao Feng, Chairman of Chinamex to sign an agreement to establish the Dragon City in the new and developing district of Muharraq. The initial meeting was held at the headquarters of Kuwait Finance House in Manama on April 19, 2012, and this will be followed shortly by an official signing ceremony on May 13, 2012 at the DIYAR AL MUHARRAQ site. Under this Agreement the Dragon City project will be marketed and managed by Chinamex. Dragon City will be a large-scale trade platform with functions of product exhibition, retail and wholesale, with Chinese architectural and cultural aspects. Target groups will include Chinese enterprises and businessmen who seek to sell their products and services in Bahrain, local citizens and international visitors.
This agreement comes as a concrete step forward in the establishment of bilateral cooperation between Bahrain and China and marks a significant push towards solidifying an economic and cultural exchange that will benefit the future of both countries.
DIYAR AL MUHARRAQ has been successful till now in attracting foreign investment and capital galvanizing the economy and creating more job opportunities, contributing to the welfare and security of Bahrain's society. Dragon City will further increase foreign investment and is expected to attract more than half a million visitors a year. The creation of a vast number and variety of jobs is inevitable with the quality of service, infrastructural and other exceptional features, which distinguish this from any other development.
Chinamex is already well established in the region, and has long experience and outstanding capabilities in the promotion, management and operation of similar projects especially seen in ventures such as the Dragon Mart in Dubai and the Chinese City in Mexico.
Mr. Abdul Hakim Al Khayyat, Chairman of DIYAR AL MUHARRAQ was pleased to receive the Chinese delegation and expressed his joy at the celebratory atmosphere that prevailed. "This agreement is the crowning moment that has followed discussions and detailed exchange of views and ideas between our company and the senior delegation of Chinese investors led by Mr. Hao Feng, Chairman of Chinamex. In view of this remarkable achievement, we can now look forward to reaping the fruits of the seeds that we have sowed. Our relations with our Chinese colleagues will bring forth many rich and productive benefits."
Mr. Abdul Hakim Al Khayyat also added, "This partnership with Chinamex, representing the best of Chinese enterprise, is built on principles of community, best practices and excellence. We look forward to working together to serve and support the achievement of our mutual goal of promoting the business culture of our respective countries, and supporting an exchange of services and opportunities."
Mr. Aaref Hejres, Chief Executive Officer of DIYAR AL MUHARRAQ also spoke about the importance of the occasion, "DIYAR AL MUHARRAQ is abundantly blessed with the potential and the technical competence to create opportunities for investment and growth that our partners recognize. It is a matter of having the confidence in our capability so that we can use it for benefit of the Kingdom of Bahrain and the well being of its people."
Mr. Hejres added, "This is just one of the numerous investment projects that DIYAR AL MUHARRAQ will sign in the future, and we are confident that investors and the nation will be pleased to see what is in store. It is a matter of satisfaction for us at DIYAR AL MUHARRAQ that the respected delegates representing the great economic powerhouse, China, have given their vote of confidence in our growth potential, our commitment to best practices, and stringent standards. Bahrain has enjoyed a reputation as a trading and financial hub for the region for centuries, and we are pleased that this initiative with this respected partner will further enrich our business friendly and multi-cultural society."
Mr. Hao Feng, Chairman of Chinamex, expressed his happiness on the signing of the agreement and praised the standing of DIYAR AL MUHARRAQ, its location, and its renown in providing good investment opportunities. He pointed out the similarities between the two companies in their commitment to quality and growth.
The proposed Dragon City is envisaged as a Chinese themed retail shopping mall with a total leasable area of approximately 32,000 square meters and a built up area of approximately 46,000 square meters. Construction on the project is expected to begin in September 2014, across a property of 102,000 square meters on the South West area of the masterplan. This area will be beautifully landscaped with ample greenery and water features and will include amenities such as car parks and other services providing a complete and holistic experience for visitors. Roadways and walkways will increase access to all projects. The Dragon City project will greatly supplement quality of life for residents, adding an international flavour. Coffee shops and restaurants and all retail and commercial enterprises will follow the Chinese theme.
The project's benefits to the national economy will be manifold. It is expected to attract more than half a million visitors a year. It will galvanize the property development industry setting new standards and practices, but perhaps the most significant contribution will be towards the employment market with the creation of a vast number and variety of jobs, as well as infrastructural and other requirements. Dragon City will be amongst the first developments in the DIYAR AL MUHARRAQ masterplan and will be followed by many more exciting and varied projects. The plan that will be followed is one of development and growth for the common good, keeping in mind Bahrain's Vision 2030.
-Ends-
About DIYAR AL MUHARRAQ:
DIYAR AL MUHARRAQ is a unique master-planned city for the people of Bahrain offering a range of housing options and quality lifestyle for all strata of society. DIYAR AL MUHARRAQ offers a cohesive mix of residential and commercial properties with the potential for around 30,000 dwellings housing over 100,000 people. Situated on the northern shores of Muharraq, its amenities include over 40 kilometers of waterfront, together with sandy beaches - among the most extensive publicly accessible waterfront in the Kingdom - as well as all the elements one expects from a vibrant community, including schools, medical centers, parklands, sports facilities, and a wide selection of retail services including a shopping mall, showrooms, banks and hotels all supported by a high standard of infrastructure services.
Media Enquiries for DIYAR AL MUHARRAQ:
Rhizlaine Benabid
Tel +973 77155555
Fax: +973 77055555
Email: CorpComm@diyar.bh
Dalal Kaiksow
Tel +973 177155555
Fax: +973 77055555
Email: CorpComm@diyar.bh
© Press Release 2012
