The project will include new business, residential, shopping and leisure facilities.
The state-of-the-art complex is expected to be open within six years.
Tashgeel for Commercial Buildings Management has been awarded the contract to supervise the project.
The BD200 million investments will provide a major boost to Bahrain’s economy said Deputy Premier Sheikh Khalid bin Abdulla Al-Khalifa.
“Bahrain’s infrastructure is something we are very proud of,” he said.
The development plan for the project was first announced in January 2008.
However, the project was delayed due to complications brought about by the global financial crisis.
The project will include a new central market, which will be named the Capital Trade Center.
The new center will also include four 28-story office and shopping towers, car parking, a five-star hotel, a cultural center and a park.
Sheikh Khalid discussed Bahrain’s vigorous development goals saying, “Development doesn’t happen overnight and it takes time and even though there are questions about the new project’s location and whether it would contribute to more setbacks in infrastructure, I have been assured that all necessary studies were being carried with possible solutions to choose from.”
Municipalities and Urban Planning Affairs Minister Juma Al-Ka’abi said the development project, which will cost between BD150 million and BD200 million, has already garnered international notice.
“We have already received interest from GCC and foreign investors to take their share in the project whether in office space, the hotel or other facilities,” Al-Ka’abi said.
