Bahraini Spirit
May 31st, 2005, 01:26 PM
Hi, well finally somethin serious will happen about the once boomin but now dead marina club, enjoy:
A Saudi investment company has sealed a deal to buy the Marina Club in Manama for BD27.8 million, it was revealed last night.
The final agreement will be signed soon, said Mayamen Development Company (MDC) chief executive Abdulla Al Anzi.
"Bahrain's promising economic prospects and the incentives for foreign investors have encouraged us to embark on this project," said Mr Al Anzi.
He said up to BD120m will be invested in this project, which will feature a landmark tower, Manarat Al Bahrain, a suq, an international business centre, a yacht docking port, marina chalets and a resort.
Work on the project will last three to four years, generating 1,500 job opportunities for Bahrainis.
The Saudi company has pledged not to sack any of the Bahraini employees currently working at the club.
Ten per cent of the transaction value has already been paid as a deposit, he said.
MDC is an affiliate of a Saudi investment consortium which has already founded Kingdom University, a service firm, a real estate corporation and an investment bank, which is still under establishment.
A bid to sell the club had suffered a setback earlier this month with Labour Minister and Gosi chairman Dr Majeed Al Alawi saying the sale fell through because the Gulf buyer did not stick to the deal.
A Saudi investment company has sealed a deal to buy the Marina Club in Manama for BD27.8 million, it was revealed last night.
The final agreement will be signed soon, said Mayamen Development Company (MDC) chief executive Abdulla Al Anzi.
"Bahrain's promising economic prospects and the incentives for foreign investors have encouraged us to embark on this project," said Mr Al Anzi.
He said up to BD120m will be invested in this project, which will feature a landmark tower, Manarat Al Bahrain, a suq, an international business centre, a yacht docking port, marina chalets and a resort.
Work on the project will last three to four years, generating 1,500 job opportunities for Bahrainis.
The Saudi company has pledged not to sack any of the Bahraini employees currently working at the club.
Ten per cent of the transaction value has already been paid as a deposit, he said.
MDC is an affiliate of a Saudi investment consortium which has already founded Kingdom University, a service firm, a real estate corporation and an investment bank, which is still under establishment.
A bid to sell the club had suffered a setback earlier this month with Labour Minister and Gosi chairman Dr Majeed Al Alawi saying the sale fell through because the Gulf buyer did not stick to the deal.