In Brief

Bahrain attracts $291m investment in tourism

The Bahrain Economic Development Board (Bahrain EDB), supported by Team Bahrain, has attracted $291 million (BD110 million) in direct investments in the tourism sector during the first three quarters of 2022.

Tourism investments are coming through eight companies expanding or entering Bahrain for the first time and are expected to generate over 1,090 jobs over the next three years, Bahrain EDB said.

In total, Bahrain EDB attracted $921 million in direct investment from 66 companies during the first nine months of the year. The investments are expected to generate over 4,700 jobs over the next three years in key sectors, including financial services, ICT, logistics, manufacturing, and tourism.

Munther Al-Mudawi, Executive Director – Business Development for Tourism at Bahrain EDB, commented: “We are pleased to witness this momentum in the tourism sector post Covid-19. All the indicators show that we are in the right direction to recover, and with our four-year Tourism Strategy under the Economic Recovery Plan, we are hoping to attract even more investments and welcome 14 million tourists by 2026.”

Prague hotel market development flourishes

Although Prague’s hotel capacities have slightly decreased during the covid-19 pandemic, the Czech capital is still one of the most attractive hotel markets in Central and Eastern Europe. In Cushman & Wakefield’s ranking, which assessed a total of 20 cities in the region, Prague ranked first. Moreover, by 2024, additional accommodation facilities are expected to open, especially in the luxury segment, offering almost 2,000 hotel rooms and more than 1,700 m2 of meeting space.

The number of collective accommodation facilities in Prague remained relatively stable from 2015 to 2019. During this period, the Czech capital offered accommodation in about 800 collective accommodation facilities with a capacity of around 42,000 rooms and 90,000 beds, mainly in the segment of three- and four-star hotels. A significant change occurred in 2020, when the capacity of Prague accommodation facilities exceeded 44,000 rooms for the first time since 2012. In 2021, more than 1,500 rooms disappeared from the Prague market.

SCCI launches Sharjah Shopping Promotions

Sharjah is witnessing the latest edition of Sharjah Shopping Promotions campaign, that is organised by the Sharjah Chamber of Commerce and Industry (SCCI) in all of the Emirate’s cities and regions. It will continue until January 29, 2023, with huge promotional campaigns.

Over 46 days, the event boasts a wide range of promotions at the best shopping centres, tourist attractions and family entertainment destinations in the Emirate of Sharjah. Moreover, there will be a variety of marketing activities in cooperation with the SCCI’s Commercial Shopping Centres’ Sector Working Group and in coordination with a number of departments and government agencies in the Emirate.

Malls, markets, and retail stores will be competing to offer discounts of up to 75 per cent on various types of products and the most renowned brands, in addition to offering a wide range of valuable prizes and gifts for shoppers.

Seven, Warner Broscome to KSA

Saudi Entertainment Ventures (Seven), a subsidiary of the kingdom’s Public Investment Fund (PIF), has signed an exclusive partnership agreement with Warner Bros Discovery, a global leader in real-life entertainment, to bring purpose-built indoor adventures centres to the kingdom which integrate Discovery’s media content.

Seven is investing more than $13.3 billion (SR50 billion) to build 21 entertainment destinations which will provide unique and innovative world-class entertainment experiences and global partnerships from within the sector.

The first Discovery Adventures’ centre, spanning an area of around 3,000 sq m, will open in Riyadh at Seven’s entertainment destination, located in the Al Hamra district, and will be Discovery’s inaugural indoor adventures centre globally.