Gateway Gulf highlights the opportunities for private sector investment across Bahrain’s thriving hospitality, retail and real estate sectors.
Bringing together 500 global investors, leaders and CEOs, the Gateway Gulf is an invitation-only event that was held in Manama from 8-10 May 2018. The show was held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, and it aims to support Bahrain’s economic transformation.
The event, which focuses on mixed-use developments and new tourism hubs across the southern part of the Kingdom, announced a project pipeline value of around US$26 billion.
The tourism industry represents approximately 10% of the world’s GDP. We take great pride in the showcasing of several of our key projects in Bahrain. – Mahmood H Alkooheji, CEO of Mumtalakat
Under the umbrella of the Bahrain Mumtalakat Holding Company (Mumtalakat) numerous new resorts in the south of the Kingdom revealed the huge potential for growth to investors at the forum, in line with efforts to develop the tourism sector. The highlights included Al Sahel, a new five-star destination; Durrat Dawn and Durrat Crescent, mega real estate projects worth US$2 billion; the Bilaj Al Jazayer development with its flagship Fairmont Hotel along Al Jazayer Beach; and Hawar Island, a world-class eco-friendly destination.
During the first day of the forum, housing and mixed-used investment opportunities were also a topic in focus. Demand for housing is expected to exceed supply in the coming years due to the Kingdom’s young and fast-growing population. In addition, apartments will particularly see a strong demand which has gained momentum in sales price over the years.
Housing projects showcased at the event range from social housing to innovative schemes in collaboration with the private sector. Statistics show that more than 2,650 citizens have purchased their housing units over the last four years thanks to the funding solutions provided by the housing program of Mazaya.
This is in addition to premium developments such as the US$500 million Al Naseem, which is due to open tenders this quarter, and the US$1.1 billion Hasabi development which will combine residential villas, apartments, retail, restaurants and education facilities.
The Real Estate Regulatory Authority (RERA) is committed to supporting growth across the real estate industry, while Bahrain’s hospitality and real estate sectors are expanding steadily over the recent years, with a 4.1% rise in its contribution to the Kingdom’s GDP. Overall tourism revenues are projected to reach US$1 billion by 2020.