The top property developers of the United Arab Emirates (UAE) have chosen Bahrain to invest $430 million in real estate which is also expected to help the country’s tourism sector to stay buoyant after it was hit hard because of the Covid-19 pandemic, according to media reports. Big names such as Emaar Properties and Eagle Hills are some of the major names that have invested in Bahrain real estate.
Capital investment into the Middle East and Africa region last year plummeted by 82 percent to $1.6 billion compared to 2019. This resulted in employment loss, with the tourism sector losing 14,600 in job cuts.
Mahmood Al Aradi, chief investment officer at Bahrain’s Economic Development Board told the media, “Despite the obvious challenges, we have continued to progress with our ambitious tourism infrastructure and real estate plans, which have attracted some of the world’s renowned hotel brands and the Gulf’s largest property development groups, including Emaar.”
Last year, Emaar Entertainment and Eagle Hills formed a joint venture to come up with an aquarium and underwater zoo at Marassi Galleria, a shopping mall in Bahrain. In its 2020 report, Emaar mentioned that its hospitality arm has expanded its geographic presence in several markets in the Middle East region.
Other large companies that have expressed interest in investing further in the Gulf estate include hospitality group Accor, Minor Hotels and Hilton Double Tree, which have unveiled plans to launch new properties in the kingdom. Bahrain expects to have around 9,300 five-star hotel rooms by end of 2022.