Diyar Al Muharraq has signed an agreement with the China Middle East Investment and Trade Promotion Center (Chinamex) to develop a multi-million dollar complex named ‘Dragon City’ at its a massive $3.2bn reclaimed land development located off the coast of Bahrain at Al Muharraq.
Abdul Hakim Al Khayyat, Chairman of Diyar Al Muharraq and Aaref Hejres, CEO met with a delegation of senior Chinese investors led by Hao Feng, Chairman of Chinamex on Sunday to sign an agreement to establish the first 46,000m2 phase of the project.
“The Dragon City project, a large-scale trade platform with functions of product exhibition, retail and wholesale, with Chinese architectural and cultural aspects, will be marketed and managed by Chinamex,” said Abdul Hakim Al Khayyat, Chairman of Diyar Al Muharraq, to 24×7 news.
The project is due to become operational in September 2014. It will host 100 Chinese companies and businesses and is being developed at a cost which is yet to be announced.
“This will be similar to a very large shopping centre where hundreds of Chinese companies will do business and showcase their products,” said Hao Feng, chairman of Chinamex, to Gulf Daily News. “This will attract not only people from Bahrain, but also from Saudi Arabia, and will be an opportunity for Chinese companies to promote themselves throughout the region.”
Roadways and walkways will also be built to access the projects, with all coffee shops, restaurants, retail and commercial enterprises following the Chinese theme.
“This is a significant step towards further cementing the existing historic ties between Bahrain and China,” said Abdul Hakim Al Khayyat. “This project will make a significant contribution to the development of Bahrain’s economic and cultural sectors, attracting more than half a million visitors a year.”
Diyar Al Muharraq operates under the Kuwait Finance House Bahrain, and Chinamex operates under the Chinese Ministry of Commerce.
The Dragon Mart in Dubai, which is currently undergoing a major extension, is an existing example of a Chinamex regional venture.
