Gulf investors eye $172mn Canada project

CANADA PLAN: Bayt Al-Mal is leading a consortium to build a $172 million complex in the Niagara region of Canada. (Getty Images)

An investment consortium led by Kuwaiti Islamic investment bank Bayt Al Mal will bring a major $172 million motor-sport, entertainment and commercial complex to the Niagara region of Canada

Bayt Al-Mal, which is leading a consortium of Gulf investors, has already bought 623 acres of land in Fort Erie, near the US borders for the project, it said in a statement

"This project will generate over C$34 million per year in new tax revenue alone and create over 1,200 jobs," Peter Partington, regional chairman for Niagara region said in a statement. "The region will receive a huge shot-in-the-arm through increased economic development and tourism," he said.

The lender is also considering other investment opportunities in Canada, its chairman Suleiman al-Qimlas said in a statement. It did not identify the other Gulf partners.

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