A state-of-the-art city for exhibitions and major events will be built near Bahrain International Circuit in Sakhir at an investment of BD287 million ($761 million), said the Kingdom's Industry and Commerce Minister.

'The facility will be 10 times the size of the existing BIEC and feature three luxury hotels with 1,200 rooms, a multipurpose facility, an event hall and exhibition pavilions,' said Dr Hassan Fakhro on the sidelines of Jewellery Arabia 2009 on Tuesday.

A private company will be set up to manage and own the massive project. A consortium including Bahrain Exhibitions and Conventions Authority, Bahrain Holding Company, investors and banks will run and co-own the project, he added.-TradeArabia News Service