Al Areen Holding Company, Banyan Tree Top Brass hold talks to finalise partnership

Announcing the details of the talks held at the Al Areen Client Relations Centre, senior management officials of Al Areen and Banyan Tree said the talks focused on the rapid progress of work of the resort and spa which is at the heart of the Al Areen development and finalized the interior design concepts of the project.

Commenting on the talks, Mr. Esam Janahi, Vice Chairman of Al Areen Holding Company, said: "Our partnership with Banyan Tree reflects our strategy to offer world-class facilities at Al Areen, a unique development which is being developed as a benchmark in mixed-use development in the region. We are confident that Al Areen will significantly enhance the potential of tourism in Bahrain and add value to the Kingdom's reputation as the preferred destination for family tourism in the region."

The driving spirit behind the Al Areen development is the Bahrain-based Gulf Finance House B.S.C. (GFH), one of the leading Islamic investment banks in the region. The Government of Bahrain is a significant stakeholder in the holding company of the development, which is now being developed at a rapid pace. The partnership with Banyan Tree was announced in April this year in Singapore at a joint press conference held on the sidelines of the World Economic Forum (WEF) Asia Roundtable 2005.

"The Resort and Spa is being developed at an investment of US$100 million and will form the central attraction of Al Areen development, spread over 112,000 square metres. Our estimates are that the complex will attract some 90,000 visitors a year when complete in 2006," Mr. Janahi said.

Terming the partnership with Al Areen as a significant milestone in Banyan Tree's strategic expansion in the Middle East, Mr. Paul Chong, Assistant Vice President, Business Development, Banyan Tree said: "The talks were held to further cement our relationship with Al Areen, which we consider as a world-class development in the region with which we are proud to be associated with. Al Areen is our stepping stone to the Kingdom of Bahrain and we are committed to offer superior services that will make the development a unique entity in the region."

"Today's was the first in a series of planned meetings to finalize all operational and management aspects of the Resort and Spa. Both managements of Al Areen and Banyan Tree reviewed the latest spa designs and concepts, landscaping, external finish etc. to make the project state-of-the-art," he added.