Proposal for tourism investment fund ready

Manama : A proposal to establish a tourism investment fund will be submitted soon in a bid to support the economy and diversify the State’s revenues.

Parliament’s Services Committee Deputy Chairman Mohammed Al Maarifi will submit the proposal to the Council’s Speaker Ahmed Al Mulla, who will refer it to the concerned committee for studying before it could be voted on by the
MPs.

Speaking to DT News yesterday, Al Maarifi said the proposal instructs to establish a BD4-million fund and open it for investors in the tourism sector. However, it was also mentioned that 51 per cent of the fund should be owned by the government.

Al Maarifi said the fund would activate tourism projects in different fields, such as leisure and entertainment, culture and traditional, sports, medical, educational and religious and historic tourism.

“This project will generally boost tourism in Bahrain. It would be a good step to open up investment opportunities in unused areas such as King Faisal and Al Fateh Corniches, Manama and Isa Town traditional markets, and other areas in the south of the Kingdom near Al Areen and the Tree of Life sites, to enhance tourism,” he said. “The fund could also support cultural and sports events and enhance tourism in the medical and educational fields.”

The MP said, “This investment fund should be operated under the supervision of the Central Bank of Bahrain.” He also said that the proposal comes in line with Kingdom’s 2030 vision and the directives of the Wise Leadership, led by His Majesty King Hamad bin Isa Al Khalifa, to diversify the State’s revenues by focusing on non-oil industries.

“Tourism projects that contribute to the development of the economy should be supported. It’s among the priorities of developed countries, considering its fruitful outcomes,” added Al Maarifi, who also recalled the efforts of Prime Minister HRH Prince Khalifa bin Salman Al Khalifa in developing the economy.