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The Bahrain government’s investment arm has softly announced plans to build a US $1 billion (BHD377 million) motorsport-themed commercial development to compliment the Bahrain International Circuit (BIC).
The plans were unveiled to coincide with the country’s Formula One Grand Prix, which concluded at the BIC yesterday.
A media spokesperson said the project, called @bahrain, will be built adjacent to the BIC. Construction is expected to start in the first quarter of next year.
Covering an area of 1km2, @bahrain is described as a business, technology, retail and leisure development that will “help cement Bahrain as the home of motorsport racing in the Middle East”.
The project will feature a 100,000m2 exhibition and convention facility, a range of mid-range to luxury hotels, a multi-purpose indoor arena and various retail and leisure outlets.
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“@bahrain will provide a year-round destination that works in partnership with the BIC to attract significant levels of international investment,” said a media statement released yesterday.
“This will enable a larger number of facilities available at the circuit, and therefore result in increased visitor numbers.
“The announcement underscores the fundamental stability and strategic focus of Bahrain amid a general trend in the region away from large projects.”
In addition, the project will focus on education and training with the establishment of an automotive club and engineering facility, an interactive technology centre, a research institute and a technology park.
Talal Al Zain, chief executive of Mumtalakat, an independent holding company for the Bahrain government’s non-oil and gas assets, described @bahrain as an innovative project that will deliver long lasting economic and social benefits to Bahrain.
Thirty-five companies currently make up Mumtalakat’s $10 billion portfolio.
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