Bahrain: The Crown Prince yesterday inaugurated work on the Marassi Al Bahrain smart city project, being developed in Diyar Al Muharraq.
The project encompasses 3,200 luxury apartments, 230,000sqm of retail space, 2km of beaches, high-end leisure and entertainment facilities, as well as two world-class hotels: The Address and Vida Hotel.
During the inauguration ceremony, His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, emphasised that landmark developments, such as the $3 billion Marassi Al Bahrain project, are vital components of the kingdom’s economic diversification efforts and make an important contribution to fostering economic opportunities for citizens and residents.
He highlighted that diversification has been a priority for the kingdom, and has resulted in the economy’s non-hydrocarbon sector now accounting for around 80 per cent of GDP.
The Crown Prince noted that continued implementation of structural fiscal reforms, alongside infrastructure investment in excess of $32bn, will help further the kingdom’s long-term development and provide a secure future for citizens.
He noted his delight at the commencement of the project, and said he looked forward to welcoming more developments to allow them to take advantage of the kingdom’s strong economic fundamentals.
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