Development projects form a vital component of the Kingdom’s economic diversification: Crown Prince

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister today inaugurated work on the Marassi Al Bahrain smart city project, which is being developed in Diyar Al Muharraq. The Marassi Al Bahrain project encompasses 3,200 luxury apartments, 230,000sqm of retail space, two-kilometres of beaches, high-end leisure and entertainment facilities, as well as two world-class hotels: The Address and Vida Hotel.

During the inauguration ceremony, His Royal Highness emphasised that landmark developments, such as the Marassi Al Bahrain project, are vital components of the Kingdom’s economic diversification efforts and make an important contribution to fostering economic opportunities for the Kingdom’s citizens and residents.

His Royal Highness highlighted that diversification of the economy has been a priority for the Kingdom, and has resulted in the economy’s non-hydrocarbon sector now accounting for around 80% of GDP. His Royal Highness noted that continued implementation of structural fiscal reforms, alongside infrastructure investment in excess of $32 billion, will help further the Kingdom’s long-term development and provide a secure future for the Kingdom’s citizens.

His Royal Highness also noted his delight at the commencement of the Marassi Al Bahrain project, and said that he looks forward to welcoming many more developments to Bahrain to allow them to take advantage of the Kingdom’s strong economic fundamentals.

Mohammed Alabbar, Board Member of the UAE-based Eagle Hills firm praised Bahrain’s continuous efforts to facilitate infrastructure investment to develop the country in line with Vision 2030.

Mohammed Alabbar also welcomed Bahrain’s commitment to enhancing public-private partnerships and international investment, and said that the Kingdom’s clearly defined objective of economic diversification has helped to create sustainable job opportunities for Bahraini citizens.

Mohammed Alabbar said: "A master planned real estate development, such as Marassi Al Bahrain, will create sustained revenue streams for investors and commercial partners, become a key tourism destination, create thousands of new jobs, and drive inward investment into the country."