Bahrain’s Al Areen Park Hotel and The Land of Paradise Waterpark project located within the Al Areen development in the kingdom received a shot in the arm by the recent acquisition of a majority stake in the project by Investrade, a leading boutique investment and asset management firm.  In addition, Naseej, a leading real estate developer in Bahrain, has also closed of a strategic deal, under which it will acquire a 20 per cent stake in the Land of Paradise Waterpark project as well as 17 per cent in the Al Areen Park Hotel.

Investrade has acquired a 53 per cent stake in the Al Areen Park Hotel and The land of Paradise Waterpark located in the south of the Kingdom of Bahrain.

The project includes a luxury hotel belonging to Al Areen Hospitality, in addition to a group of villas and apartments, said a statement from Investrade.

On completion, the Al Areen Master Development project will boast a new city in the kingdom spread over a sprawling 2 million sq m area that will be able to accommodate approximately 25,000 residents.

Strategically located, the project is within driving distance of the King Fahd Causeway, Exhibition World Bahrain, Bahrain International Circuit, the new sports city in Sakhir, Al Areen Wildlife Park, Blaj Al Jazaer, and other landmarks, said Investrade.

The signing ceremony for the transaction took place last month at the Al Areen project in the presence of Shaikh Mohamed bin Abdulrahman Al Khalifa, Chairman of Executive Board of Investrade, and Hisham Alrayes, the Chairman of Al Areen Holding Company, and other senior officials.

Shaikh Mohammed bin Duaij Al Khalifa, Managing Director of Al Areen Holding Company, said: “We are delighted to welcome Investrade as partners in the Areen Park Hotel and The Land of Paradise Waterpark, two key features of the Al Areen project, which is set to become one of the kingdom’s leading high-end destinations for living, tourism, hospitality, and entertainment.”

Shaikh Mohammed bin Duaij also signed the second deal with Naseej CEO Amin Al Arrayed, in the presence of a number of officials from the two companies.