Bahrain Industry and Commerce Minister Dr Hassan Fakhro has stressed the crucial contribution of the exhibition industry to the Kingdom's economic growth momentum.

He was addressing the founders' second meeting of the Bahrain Exhibition and Convention Company.

Dr Fakhro, who is also Bahrain Exhibition and Convention Authority (BECA) chairman, highlighted the wise leadership's generous support for the exhibition industry, being a key pillar of Bahrain's economic diversification policies.

'The Bahrain Economic Vision 2030 aspires to spur growth and diversify sources of revenue,' he said.

He stressed the importance of establishing this new key project, adding that it represents a significant model for co-operation and partnership between the public and the private sectors for the development of the exhibitions industry.

He said that this will greatly enhance and boost the position of the kingdom as an important regional and international hub for exhibitions and conventions.

The meeting, which reviewed the project execution plan, funding and financial strategy was attended by Bahrain Mumtalakat Holding Company chief executive Talal Alzain, Bahrain Chamber of Commerce and Industry members Khalid Mohamed Kanoo, Othman Sharif, and Nabeel Khalid Kanoo, Akhbar Al Khaleej Editor-in-Chief Anwar Mohamed Abdulrahman and BECA member Hassan J Mohamed.

The Bahrain Exhibition and Convention Company was established on August 2, 2010, as a Bahraini Shareholding Company, equally owned by BECA, Bahrain Mumtalakat Holding Company and the Logistics Company as representative of the private sector.

The new Expo City will be a world-class MICE facility and will provide an integrated city for exhibitions, conferences and family entertainment events with retail and leisure services.

Hotels will be interconnected with the new exhibition and convention centre.

The project, initially estimated to cost $385 million in phase one, will be built on an area of approximately 150,000sqm near the Bahrain International Circuit at Sakhir area and is expected to be completed late this year.

The total project investment cost is estimated to be $1.5 billion providing an Expo City that meets all the future requirements of Bahrain.-TradeArabia News Service