The massive new BD200 million ($530.4 million) Manama Central Market development project will send a clear message to global investors that Bahrain is stable and open for business.

This project will send a message to all in Bahrain and to those who are watching this nation, Manama Municipality director-general Yousef Ibrahim Al Ghatam said after the contract to develop the project was awarded to Tashgeel for Commercial Buildings Management.

Tashgeel chairman Jamal Al Hazeem Al Ghatam signed the agreement.

After the signing, Al Hazeem said the 140,000 sqm project will cost between BD150 million and BD200m to complete.

The project would house the Manama Central Market, commercial establishments, retail establishments and residential apartments.

The entire project will be environmentally friendly and will have plenty of recreation facilities and other utilities in addition to the commercial and other facilities, said Al Hazeem.

Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa, who was present at the signing ceremony, said that a project of such magnitude needs a lot of co-ordination.

'The project when it comes up in Bahrain will show the splendour of service to the people of this land.

'It will also be a benchmark for the commercial, industrial and overall achievements for the capital city.

'As the Deputy Prime Minister I can assure the co-ordination of all departments concerned in making this project reach its completion,' he said.

Works Minister Esam Khalaf said the project would have a major impact on the infrastructure.

'The traffic impact study has already been done.

'At the study level the impact of this project on the infrastructure was considered and all measures to decongest the area around the project and in the neighbourhood has already been factored in.

'When the project takes off it will be in accordance with the findings of that study.

'The plan to decongest the area will involve interchanges - the only possible option to ease the traffic in this area.

'The project's basement is the area reserved for parking, this ensuring the parking facilities are in place.'

Al Ghatam said: 'When I look at the benefits for the municipality the returns from this project is going to be phenomenal.

'The return from this project is expected to be anywhere from 10 per cent to 15pc annually.'

'As the municipality we have also looked into the green building concept - recycling the waste water and other waste products from the project.

'The design itself will ensure that it is a green building.'

'Saving electricity is another major area being addressed.

'In about two years there are going to be tough stipulations on the conservation of electricity and conservation of the environment. We have looked to conform to those laws in this project,' he said.

Municipalities and Agriculture Affairs Minister Dr Juma Al Ka'abi said the project is within the national planning strategy of Bahrain.

'We are going to use all the criteria used in the green building concept.

'The infrastructure for the project is also to be very sustainable. The roads will be well connected to Muharraq and the North Town through intersections - ensuring easy accessibility.

'The project will have parking space for more than 1,800 cars. People will find it easy to commute to and use the suq.

'The new project is expected to ease out the congestion for both the people and the merchants in the market. Entry of goods will be easier.

'Looking into the future, this project will be linked by the mono-rail and light rail transit.

'It will be linked to Seef and Juffair,' he added.

'Another key point is that the present tenants of the market will in no way have to vacate, the minister said.

'The rates for the shops will be maintained at current rates for those who are already in the market and this is one of the requirements we have put before the investor and for which the response has been affirmative.'

'This is true specially for merchants in the vegetable, fruit and other outlets selling food products,' the minister said.-TradeArabia News Service