‘Bahrain’s travel, tourism industry on growth track’

The recent launch of the $ 40 million Holiday Inn Express Bahrain, the Kingdom’s first limited service hotel, is indicative of the growing opportunities in Bahrain for the travel and tourism sector over the coming decade. The investment has been made by Dubai International Capital, the international private equity arm of Dubai Holding, through its majority owned vehicle Ishraq Gulf Real Estate Holding Company. Ishraq is an experienced developer and operator of Holiday Inn Express hotels across the GCC, focusing on price-conscious business and leisure travellers. Located along the commercially important Exhibition Road, the 274 room hotel is close to Bahrain International Airport as well as the King Fahd Causeway, Bahrain Financial Harbour, key diplomatic facilities and shopping centres. Maissan Jalal Al Maskati, Chairman of Ishraq Gulf Real Estate Holding and Managing Director of Dubai International Capital said: “Bahrain has been and continues to be an attractive tourism and hospitality market. In fact, our decision to make such a substantial investment was driven by our long term confidence in the market’s historically healthy occupancy levels and hotel rates, coupled by a sophisticated consumer base that demands a high quality limited service product” “Further to the launch of four Holiday Inn Express hotels in Dubai, we are now delighted to be here and to have chosen Bahrain to launch our fifth and newest location. We look forward to building on this success and continuing to evaluate new investment opportunities in Bahrain in the future”, he said. A recent research report published by the World Travel and Tourism Council forecasts that the direct contribution to GDP of travel and tourism is set to grow by 3.7% per annum between 2012 -2022 to BHD769.4 million ($2.04 billion). Coupled to this is the expected growth in employment within the sector, from approximately 27,500 jobs in 2011to 36,000 jobs in 2022. From gulftoday