Bahraini officials have signed an agreement with a group of investors to construct a Chinese-themed shopping mall development in the kingdom
The Dragon City project, which has been scheduled for completion by September 2014, will have an initial capacity to host 100 Chinese companies and businesses.
The agreement to construct Dragon City was signed by China Middle East Investment and Trade Promotion Centre (Chinamex) and Diyar Al Muharraq ? the megacity currently being developed in Bahrain where the retail centre will be located.
Diyar Al Muharraq chairman Abdul Hakim Al Khayyat said, ?This is a significant step towards further cementing the existing historic ties between Bahrain and China.
?We haven?t finished the work on the financial impact, but what we know at this stage that this pioneering project will give a new dimension to business in Bahrain and across the GCC.
?This project will make a significant contribution to the development of Bahrain?s economic and cultural sectors,? he added.
The proposed development will be located in the downtown of Diyar Al Muharraq and will be comprised of a total leasable retail area of approximately 32,000 sqm and a built-up area of approximately 46,000 sqm.
Chinamex chairman Hao Feng described the signing of the agreement as proof of the standing of the Diyar Al Muharraq project and its investment potential.
The project, which will feature Chinese architectural and cultural aspects, will be marketed and managed by Chinamex, and will act as a large-scale trade platform with exhibition, retail and wholesale functions.
In a statement, a Diyar Al Muharraq official said, ?This agreement comes as a concrete step forward in the establishment of bilateral cooperation between Bahrain and China and marks a significant push towards solidifying an economic and cultural exchange that will benefit the future of both countries.
?This partnership with Chinamex, representing the best of Chinese enterprise, is built on principles of community, best practices and excellence.
?We look forward to working together to serve and support the achievement of our mutual goal of promoting the business culture of our respective countries, and supporting an exchange of services and opportunities,? the official added.