Bahrain’s Diyar Al Muharraq has signed a deal with Chinamex to develop a 334,000 sq ft China-themed shopping mall in the Gulf state.
Dragon City, slated for completion in September 2014, will have an initial capacity for up to 100 Chinese companies and businesses. The mall, located in the downtown area of the Diyar Al Muharraq development, will be managed by Chinamex.
“This agreement comes as a concrete step forward in the establishment of bilateral cooperation between Bahrain and China and marks a significant push towards solidifying an economic and cultural exchange that will benefit the future of both countries,” Diyar Al Muharraq said in a statement.
Dragon City is expected to attract more than half a million visitors a year, said the company.
China’s fast-emerging middle class is boosting tourists and shoppers to the GCC. Dubai developer Nakheel is doubling the size of its Dragon Mart Mall, adding an additional 1.7m sq ft of retail space and 5,000 parking spaces at the China-themed mall.
Qatar’s Barwa Real Estate last year signed a deal with Chinese retail giant Dragon Mart to open a market for Chinese products in the Gulf state.
Diyar Al Muharraq is a US$3.2bn mixed-use development being developed by Kuwait Finance House Bahrain and several other private GCC-based investors.