www.bahraintourism.com There is huge scope for investments in the tourism and infrastructure development related projects in the Kingdom- with $5 billion projects already in the pipeline showing the potential for such projects to attract foreign investments. However, the Kingdom needs to prepare itself to attract more investments in this vibrant sector of the national economy.
Nabeel Kanoo, who is the Head of Tourism Committee at the Bahrain Chamber of Commerce and Industry, has said that the Kingdom’s major projects such as Durrat Al Bahrain ($1 billion), Amwaj Islands ($1 billion), Bahrain Financial Harbour ($1.3 billion), Al Areen ($750 million), Riffa Views ($300 million) and Bahrain Bay have established Bahrain as a preferred destination for foreign investments.
Kanoo, who is also a board member at the BCCI, said that there was a need to redefine the priorities to attract more foreign investments as well as to stimulate the domestic investments by creating a congenial investment climate in Bahrain.
“We at the BCCI are anxiously awaiting the tourism report to be released by the Economic Development Board (EDB). The law will have an independent entity on tourism in Bahrain and will give a new dimension to this sector. These two initiatives are needed to be done on priority basis. Bahrain as a country is open to foreign investments as the EDB has done an excellent job in promoting Bahrain at the global stage.
“Being the Chairman of the Tourism Committee at the BCCI, I strongly feel that the tourism sector should be run by the private sector players as the tourism sector by the government has failed to yield any results. The initiatives announced by the EDB’s CEO Shaikh Mohammed bin Isa Al Khalifa on the directives of the EDB Chairman and the Crown Prince Shaikh Salman bin Hamad Al Khalifa will have a profound impact on the future development of this sector. The vision of both His Majesty the King, Hamad bin Isa Al Khalifa and the Prime Minister Shaikh Khalifa bin Salman Al Khalifa has been a motivating factor behind the private sector’s role in developing the Kingdom.”
He said: “The unprecedented growth in the real estate sector is a rare opportunity for us to keep this momentum with an active participation of all players in this field. There is also huge potential in the hotels and leisure sectors with focus on developing the tourism concept to attract more and more inter-GCC tourism traffic.
“The government has committed itself to support the tourism development by providing a legal frame work and necessary laws for this sector and now it is obligation of the private sector to take advantage of these opportunities by working in the line of changes taking place at the regional and international scenarios,” he added.
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