Ascott taps Bahrain’s growing market
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Singapore-based Ascott Group, the world’s largest owner and operator of serviced apartments, has set up a presence in Bahrain to tap its growing demand for quality accommodation.
“There is a growing tourism market in Bahrain,” said Chong Kee Hiong, Ascott’s Deputy Chief Executive for Finance and Investment, according to a report in The Business Times.
Ascott had gone into Dubai in 2006 and a year later, it expanded into Bahrain, operating a 118-unit serviced residence there. In the middle of this year, the company also moved into Doha in Qatar, the report said. All three properties in the Middle East are managed by third-party owners.
In addition to attracting tourists, Chong noted that Bahrain has become a financial hub for the Middle East, drawing significant investments into the country.
According to the report, Bahrain is home to many multinational companies which use it as a base to do business with the rest of the Middle East.
“Ascott will continue to look for new opportunities to expand our presence in Bahrain as part of our overall growth strategy in the Gulf region,” Chong was quoted saying.
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