The recent launch of the US$40m Holiday Inn Express Bahrain, the Kingdom’s first limited service hotel, is indicative of growing opportunities in Bahrain for travel and tourism sector over the coming decade. The investment has been made by Dubai International Capital, through its majority owned vehicle Ishraq Gulf Real Estate Holding Company.
Ishraq is an experienced developer and operator of Holiday Inn Express hotels across the GCC, focusing on value-conscious business and leisure travellers. The 274 room hotel is close to Bahrain International Airport and sports all the latest facilities.
Maissan Jalal Al Maskati, chairman of Ishraq Gulf Real Estate Holding and managing director of Dubai International Capital, said: “Bahrain has been and continues to be an attractive tourism and hospitality market. We continue to evaluate new investment opportunities in Bahrain.”
A recent research report published by the World Travel and Tourism Council forecasts that the direct contribution to GDP of travel and tourism is set to grow by 3.7% per annum between 2012 -2022 to US$2.04 billion.
Coupled to this is the expected growth in employment within the sector, from approximately 27,500 jobs in 2011 to 36,000 jobs in 2022. In 2022, travel and tourism investment is expected to top US$865 million compared to US$545 million in 2011.
Such investment will play a key role in attracting the forecasted annual visitor figures to over 8m arrivals in 2022 in 2011 foreign tourist arrivals neared 5m. Business travel spending in Bahrain is also forecast to rise to BD169.3m ($449m) in 2022.
Commenting on the future of the Bahrain tourism and investment in tourism, Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Bahrain Economic Development Board (EDB), said: “This represents a significant investment and is an indication of the faith in the strong fundamentals and growth prospects of the Kingdom.”