Durrat Al Bahrain: Ultimate Luxury
Cementing its role as a regional trade gateway, the Kingdom of Bahrain has undertaken construction of an ultimate luxury project, Durrat Al Bahrain. The 20 square km area that will become Durrat Al Bahrain is one and half times larger than downtown Manama, Bahrain's capital. It will be the country's largest city resort.
The planners of Durrat Al Bahrain envisioned a luxury resort that could also function as a residential city, providing Bahrainis and international visitors the opportunity to live in style year-round. To promote international investment, Bahraini government has enacted a special law that permits anybody to own property in Durrat Al Bahrain regardless of nationality.
Dredging and land reclamation started in August 2004 with excavation of some 27 million cubic meters of sand to create a network of 13 islands. Great Lakes Nass ~ the largest dredging contractor in the United States, and one of the largest in the world - commenced its work in November 2004.
When complete in 2006, 30km will have been added to the Bahraini coastline. The resort will include over 2,000 villas, 2,000 apartments, luxury hotels, restaurants, promenades, shopping centers, spas, and sports facilities. A 200,000 square meter marina will be home to 350 yachts. A world-class golf course and a residential area will stretch over a million square meters.
"Durrat Al Bahrain is a beautiful and modern community that will rival any in the Middle East, maybe the world. It will further solidify Bahrain's role as a regional hub with its luxurious amenities and infrastructure catering to the needs of Bahrainis, expatriates and international travelers alike," commented Dr. Naser Al Belooshi, Economic Representative of the Kingdom of Bahrain to the United States.
The government of the Kingdom of Bahrain and Kuwait Finance House (KFH) will share ownership of the complex at Durrat Al Bahrain. Total project investment will approach $1.2 billion (BD.453.6 million).
Dr. Naser M. Y. Al BelooshiEconomic Representative of the Kingdom of Bahrain
|
Calendar
|
Links of Interest
|
NFWL 2004 Annual Conference
Dr. Naser Al Belooshi, Economic Representative of the Kingdom of Bahrain to the United States, recently spoke at the National Foundation for Women Legislators' (NFWL) 2004 Annual Conference at The Ritz- Carlton Hotel in Sarasota, Florida. Building on the recent successful visit of a NFWL delegation to Bahrain in early November, Dr. Belooshi was invited to speak about the century of friendship between the United States and Bahrain.
The NFWL delegation had returned from their excursion with many positive stories to relay, including: the progress Bahraini women were enjoying in all aspect of their society; the effects of the signing of the US-Bahrain Free Trade Agreement by the White House; and, the strength of the relationship between Bahrain and the United States Navy.
The NFWL annual conference is a forum designed to encourage networking and build alliances among legislators in the United States in hopes of creating an environment in which they share legislation with their colleagues, discuss issues of mutual concern in workshops and roundtables, and learn about industrial innovations, technologies and programs through presentations and exhibits.
TRA: Free and Fair Competition
The Government of Bahrain recently announced the establishment of the Telecommunications Regulatory Authority (TRA), an independent body which will oversee mergers and acquisitions in the Bahraini telecommunications sector. The law is designed to encourage beneficial merger activity while preserving healthy market competition. Under the law, TRA will monitor and approve business transactions in the industry. When necessary, the TRA has the power to deny mergers outright or to approve them only if certain conditions are met.
With passage of the TRA, the Kingdom of Bahrain can now boast standards of transparency and accountability comparable to the most advance telecommunications markets in the world. The TRA is required to carry out its duties and exercise its powers in a non-discriminatory and transparent manner. Investors will be able to invest with confidence with full, advance knowledge of the rules governing business activity. Consumers will benefit from an open telecommunications market unburdened by the hindrances of anti-competitive activity.
"Bahrain is an open, transparent and well regulated market that attracts leading global enterprises as their Gateway to the Middle East and surrounding countries," said Dr. Naser Belooshi, Economic Representative of Bahrain to the United States. "The TRA will ensure free and fair competition in the rapidly expanding telecommunications sector."
The Regulation went into effect as of October 1, 2004.
