Bahrain is to have its first six-star hotel, to be located in the Zallaq Beach area.
A shareholding company, capitalised at BD100 million ($267 million), is to be set up by leading Bahraini investors, a Finance and National Economy Ministry official revealed.
"We believe this project will add value, create jobs for nationals and provide the public an opportunity to invest in their country," said the official.
He said Finance and National Economy Minister Abdulla Saif had invited select members of the business community and investors to participate in the project.
The investors have formed a steering committee, comprising about nine members. It elected General Organisation for Social Insurance (Gosi) president Shaikh Isa bin Ibrahim Al Khalifa as chairman.
The meeting, which was chaired by the Finance and National Economy Minister, also set a timetable to establish the project "as soon as possible".
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