The project expected to be up and running by September 2014 will have initial capacity of hosting 100 Chinese companies and businesses, according to a senior official representing the Chinese side.
Diyar Al Muharraq, the new mega city being developed in Bahrain by Kuwait Finance House Bahrain (KFH-B) along with financers from across the GCC, has signed an agreement with China Middle East Investment and Trade Promotion Center FZCO (Chinamex) to develop Dragon City in the downtown of the new project.
The proposed Dragon City is envisaged as a Chinese themed retail shopping mall with a total leasable area of approximately 32,000 square meters and a built up area of approximately 46,000 square meters.
Both parties, at this stage, did not reveal the detail of the financial impact of this first Chinese City development in Bahrain.
“This is a significant step towards further cementing the existing historic ties between Bahrain and China,” Abdul Hakim Al Khayyat, Chairman of Diyar Al Muharraq on the sidelines of the signing ceremony, said.
“We haven’t finished the work on the financial impact but what we know at this stage that this pioneering project will give a new dimension to business in Bahrain and across the GCC,” he added.
“This project will make a significant contribution to the development of Bahrain’s economic and cultural sectors.”
Abdul Hakim Al Khayyat, Aaref Hejres, CEO of Diyar Al Muharraq and senior officials and its affiliates met a delegation of senior Chinese investors led by Hao Feng, Chairman of Chinamex to sign an agreement to establish the Dragon City in the new and developing district of Muharraq.
Dragon City project will be marketed and managed by Chinamex. Dragon City will be a large-scale trade platform with functions of product exhibition, retail and wholesale, with Chinese architectural and cultural aspects. Target groups will include Chinese enterprises and businessmen who seek to sell their products and services in Bahrain, local citizens and international visitors.
“This agreement comes as a concrete step forward in the establishment of bilateral cooperation between Bahrain and China and marks a significant push towards solidifying an economic and cultural exchange that will benefit the future of both countries,” Diyar Al Muharraq official in a statement, said.
Diyar al Muharraq has been successful till now in attracting foreign investment and capital galvanizing the economy and creating more job opportunities, contributing to the welfare and security of Bahrain’s society. Dragon City will further increase foreign investment and is expected to attract more than half a million visitors a year. The creation of a vast number and variety of jobs is inevitable with the quality of service, infrastructural and other exceptional features, which distinguish this from any other development.
Chinamex is already well established in the region, and has long experience and outstanding capabilities in the promotion, management and operation of similar projects especially seen in ventures such as the Dragon Mart in Dubai and the Chinese City in Mexico.
Al Khayyat, who received the Chinese delegation, said the agreement was the crowning moment that has followed discussions and detailed exchange of views and ideas between our company and the senior delegation of Chinese investors led by Hao Feng, Chairman of Chinamex. In view of this remarkable achievement, we can now look forward to reaping the fruits of the seeds that we have sowed. Our relations with our Chinese colleagues will bring forth many rich and productive benefits.”
“This partnership with Chinamex, representing the best of Chinese enterprise, is built on principles of community, best practices and excellence. We look forward to working together to serve and support the achievement of our mutual goal of promoting the business culture of our respective countries, and supporting an exchange of services and opportunities.”
Aaref Hejres, CEO Diyar Al Muharraq highlighted the potential and the technical competence for creating opportunities for investment and growth that our partners recognize. “It is a matter of having the confidence in our capability so that we can use it for benefit of the Kingdom of Bahrain and the well being of its people.”
Hao Feng, Chairman of Chinamex, said the signing of the agreement was a proof of the standing of Diyar Al Muharraq as a project, its location, and it’s renowned in providing good investment opportunities. He pointed out the similarities between the two companies in their commitment to quality and growth.