Naseej, a leading real estate developer in Bahrain, has announced the closing of a strategic deal, under which it will acquire a 20% stake in the Land of Paradise Waterpark project as well as 17% in the Al Areen Park Hotel located within the Al Areen development in the kingdom.

 

The Al Areen Park Hotel and the Land of Paradise projects include a luxury hotel and a water park belonging to Al Areen Entertainment and Tourism Company, in addition to a group of villas and apartments in the south of the kingdom.

 

Strategically located, the project is within driving distance of the King Fahd Causeway, Exhibition World Bahrain, Bahrain International Circuit, the new sports city in Sakhir, Al Areen Wildlife Park, Blaj Al Jazaer, and other landmarks.

 

The signing ceremony for the transaction took place at the Al Areen project in the presence of Naseej CEO Amin Al Arrayed and Al Areen Holding Company managing director and board member Shaikh Mohammed bin Duaij Al Khalifa, in the presence of a number of officials from the two companies.

 

The deal reflects Naseej’s commitment to diversifying its investment portfolio in the local market into several promising economic sectors, said the company in a statement.

 

On completion, the Areen Master Development project will boast a new city in the kingdom spread over a sprawling 2 million sq m area that will be able to accommodate approximately 25,000 residents, it added. 

 

Speaking on the occasion, Al Arrayed said: "We are delighted to sign this prominent deal, which will move our investment portfolio to broader horizons of growth and expansion in real estate development, tourism and local hospitality, which have become very promising sectors in the kingdom."

 

"This acquisition reiterates the company’s commitment to investing in innovative and modern projects in the local market to serve the development goals in the kingdom and in line with government plans aimed at achieving sustainable development and building sustainable urban communities that serve future generations," he stated.

 

Shaikh Mohammed said: "We are pleased to conclude the deal with one of the leaders of real estate development in the kingdom, which has proven its superiority and excellence in offering high-value investment projects to the local market."

 

"We believe that the acquisition will support accelerating the pace of development of Al Areen development and the hotel and water park projects, turning the southern region into an exceptional, integrated and multi-use tourist destination that we redefine through the concepts of hospitality, recreation and luxury accommodation," he added.-TradeArabia News Service