Construction of the luxury Four Seasons Hotel in Bahrain is ahead of schedule and has so far created more than 700 jobs, project officials said on Monday.
The project in Bahrain Bay is predicted to result in direct and indirect economic benefits for Bahrain of about $300m over the next five to seven years.
Project chiefs said in a statement that the luxury hotel would "inject new capital and create further careers in the real estate and hospitality sectors upon its completion in April 2014".
Commenting on the progress, Bob Vincent, general manager of Bayside Developments who is overseeing the project's implementation, said: "This project is key not just for the real estate sector, but also on a national economic level.
"As one of the cornerstone components of Bahrain Bay, we all understand that a project of this scale is an opportunity to demonstrate Bahrain's emergence from the global financial crisis, and its sustainability as a GCC tourism hub."
Late last year, Belgian-based contractor Six Construct was awarded the main construction contract after previously working on major projects in the region such as the Burj Khalifa, Ferrari World in Abu Dhabi, and the Khalifa Stadium in Doha.
Vincent added: "We have been extremely impressed with the way Six Construct has initiated the startup stages of the main works. Working in partnership with a number of local contractors, they have responded to a demanding critical path and timeline."
The Four Seasons Hotel project demonstrates that Bahrain is committed to emerging from recent issues with a strengthened economy, Vincent said, adding: "The project shows a commitment from the investment community in future GCC tourism both on a business and leisure level."
The Four Seasons at Bahrain Bay will be 201 metres high, with 50 storeys and 263 guest rooms. It will include a spa and leisure facilities and a suspended 'Sky Pod' restaurant.
The Bahrain hotel will be the latest in the five-star chain's prestigious portfolio of international properties.