Naseej Acquires 20pc of The Land of Paradise Waterpark and 17pc of Areen Park Hotel at Areen Master Development Project

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Naseej, a leading real estate developer in the Kingdom of Bahrain, has recently concluded a strategic deal, through which the company will acquire a 20 per cent stake in the Water Park project and 17pc in Al Areen Park Hotel within the Al Areen development in the south of the Kingdom of Bahrain.

The signing ceremony of the deal took place in Al Areen project in the presence of Amin Al Arrayed, Chief Executive Officer of Naseej, and Shaikh Mohammed bin Duaij Al Khalifa, Managing Director and Board Member of Al Areen Holding Company, and in the presence of a number of officials from both companies.

The Areen Park Hotel and The Land of Paradise project include a luxury hotel and a water park belonging to Al Areen Entertainment and Tourism Company, in addition to a group of villas and apartments in the south of the Kingdom.

This deal reflects Naseej’s commitment to diversifying its investment portfolio in the local market into several promising economic sectors.

Moreover, Areen Park Hotel and The Land of Paradise Water Park projects will provide a new city on a total area of 2 million square metres, accommodating approximately 25,000 people.

The project has a strategic location near King Fahd Causeway, Exhibition World Bahrain, Bahrain International Circuit, the upcoming sports city in Sakhir, Al Areen Wildlife Park, Blaj Al Jazaer and other landmarks.

Amin Al Arrayed, CEO of Naseej, said, “This acquisition reiterates the company’s commitment to investing in innovative and modern projects in the local market to serve the development goals in the Kingdom and in line with government plans aimed at achieving sustainable development and building sustainable urban communities that serve future generations.”

Shaikh Mohammed bin Duaij Al Khalifa, Managing Director and Board Member of Al Areen Holding Company, said, “We believe that the acquisition will support accelerating the pace of development of Al Areen development and the Al Areen Park Hotel and Water Park projects, turning this region into an exceptional, integrated and multi-use tourist destination that we redefine through it the concepts of hospitality, recreation and luxury accommodation.”