Bahrain plans $1 billion 'exhibition city'

Project to be based next to the Bahrain International Circuit.
The 'exhibition city' will include a four-star hotel.
The 'exhibition city' will include a four-star hotel.

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Banks and foreign investors have been urged to pump money into a world-class $1.1 billion 'exhibitions city' in Bahrain.

Details of the massive project - to be built next to Bahrain International Circuit in Sakhir - were revealed when an agreement was signed, Trade Arabia reported.

Phase one of the venture will cost $350 million, announced the newly registered Bahrain Exhibitions and Conference Company. It will include a four-star hotel.

Both national and international banks and investors will be encouraged to support the complex, which aims to meet all future requirements to develop the exhibitions industry in accordance with Bahrain's Economic Vision 2030.

It is a joint venture between Bahrain Exhibitions and Conferences Authority, Mumtalakat and the private sector, represented by Bahrain Chamber of Commerce and Industry (BCCI), said Industry and Commerce Minister Dr Hassan Fakhro.

The minister, Mumtalakat Holdings Chief Executive Talal Alzain and BCCI Chairman Dr Essam Fakhro signed the contract to establish the company, in the presence of officials.

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