The investments will help create 260 jobs in the next three years
Bahrain has received around US$40 million of new investments in tourism projects, helping to create more than 260 jobs over the next three years.
That’s according to a report by Bahrain’s Economic Development Board (EDB), which is hoping to capitalize on a post-pandemic rise in travel.
EDB said key tourism investments include Remza Investment Company’s addition of Turkish hospitality brand, Gunaydin, to its portfolio. Gunaydin’s $6.5 million investment will lead to its first restaurant in the kingdom, creating 80 jobs over three years.
It will be based at new development The Terminal. Remza Investment Company’s Chairman and CEO Dr Fadhel Al Arrayed said: “Gunaydin is a prestigious global brand and is a valued addition to the Kingdom’s numerous eateries. Our first investment, a popular Istanbul restaurant, will be operated in Adliya in a 1,000 sq m space that can accommodate up to 300 customers. “We would like to thank our partners and the EDB for providing us with a welcoming and supportive environment.”
Another investment by chocolate brand Patchi has allocated US$8 million for the expansion of the business in the Kingdom, helping to create 160 jobs over three years. On the new venture, Patchi Bahrain said the Kingdom offers a business environment that is in line with its own expansion goals.
ELSS Group, which specializes in the construction of aquariums and marine parks, also announced a US$1 million investment in their regional operational base at the Bahrain Aquarium. the kingdom’s largest aquarium which has opened at the Mall of Dilmunia. Spread over four floors it has a depth of 17 meters.
ELSS will operate and maintain the aquarium until at least mid-2025, as well as having more plans in Bahrain, Saudi Arabia, Oman, and the UAE.
ELSS Group’s Managing Director Jed McAteer said: “Bahrain presents an ideal destination to develop and expand our business across the region. We have benefitted from the many competitive advantages offered by the country’s business-friendly environment. “We are pleased to be working alongside the EDB as well as a number of qualified Bahraini companies in the architecture, construction, and retail industries. We welcome this valuable opportunity to share our expertise in Bahrain, which is an ideal environment for our future projects.”
Executive Director of Investment Origination Ali Al Mudaifa said: “Tourism, with its many restaurants, hotels, and resorts, is among the industries we expect to bounce back to previous levels of activity as the country continues to gradually reopen, and restrictions ease, allowing life to return to normal. “Attracting investments such as these are in line with the EDB’s strategy to further economic diversification by contributing to the development of the sector and supporting the creation of jobs in the local market.”
