Abu Dhabi Investment House (ADIH) predicts that The Lagoon Bahrain – its waterside commercial project at the heart of Amwaj Islands off the coast of Muharraq in the Kingdom of Bahrain – will help fuel the…
Abu Dhabi Investment House (ADIH) predicts that The Lagoon Bahrain – its waterside commercial project at the heart of Amwaj Islands off the coast of Muharraq in the Kingdom of Bahrain – will help fuel the development momentum in the Kingdom following completion of the project in 12 to 16 months.
Rashad Janahi, CEO of ADIH said: “The Kingdom`s real estate sector is booming and major development projects have stirred local, regional and international investments. The freehold laws allowing foreigners to get in on Bahrain’s property boom, and high returns on investments have become cornerstones of the rapidly growing real estate sector in Bahrain”.
“The US$1 billion Amwaj Islands project has emerged as one of the most successful business models in the Kingdom`s history, and so has our $90m The Lagoon which lies at the heart of the new Amwaj community”, added Janahi.
The Lagoon is set to be an iconic project with wide ranging social, environmental and economic benefits; it offers excellent investment opportunities to local, regional and international investors.
“We are working closely with the local authorities to ensure the on-time delivery of various services and provision of necessary amenities in line with the scheduled construction date”, commented Nicholas Fraser, executive director of real estate at ADIH.
He went on to add that ADIH is optimistic about future incoming foreign investments in all vital segments of the construction, leisure, commercial and other sectors. “In brief, The Lagoon is set to become a catalyst for the Kingdom’s forward growth objectives, and will boost economic development by encouraging international investors to enter the market. We are finalising deals with global names to bring more international brands into the market via The Lagoon.
Janahi highlighted that ADIH’s decision to partner with Ossis, the property developers of Amwaj Islands, reflects the regional enthusiasm towards the Bahraini market, and endorses the potential of the project to generate and sustain returns.
In support of Fraser’s comments on market growth, he added: “The Lagoon will also contribute to promoting and supporting Bahrain`s tourism sector which will in turn considerably contribute to the increase of the national GDP of Bahrain, and thus help boost regional economic growth in the long-run.”
Bahrain has been recently doing very well in its attempts to promote and boost tourism. The best example being the Grand Prix Racing (Formula 1) which helped – together with exhibitions and conferences, and the growth of the business sector- make Bahrain achieve the highest tourism growth in the GCC in the first quarter of this year.
Fraser pointed out that one of the most efficient ways to get people to add nights to their stay in Bahrain is to invest in projects that entice travellers from the GCC markets. “I encourage Bahraini and GCC investors to invest in such projects because by doing so they’ll help build tourist infrastructure”.
“Bahrain enjoys a strong and sound economy with all regulations to protect the interest of international investors”.
He concluded: “Bahrain is an important gateway to the Middle East. The reason I say that is because all the features which would attract investments and businesses to a country are subverted unless a country has a legacy of trust. And Bahrain offers this”.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.