Manama: Bahrain wants to buy out Sama Dubai LLC's project to build a seashore resort in its capital city Manama, a senior official said.
Sama Dubai, a unit of Dubai Holding LLC, began the Dh2 billion Salam Beach Resort and Spa project in November 2005.
Bahraini investors are in talks with Sama Dubai, Mohammad Bin Eisa Al Khalifa, chief executive of the Bahrain Economic Development Board, said yesterday.
Sama didn't respond to a request for comment. Sama Dubai said May 5 it was committed to projects in Morocco and Oman after officials from those countries said construction had stopped.
Beach resort
Sama pulled out of the $3 billion Amwaj development in Morocco and work was halted on the $1.7 billion Salam development in Oman, tourism ministry officials said May 3.
The beachfront Salam Beach Resort and Spa being built near the Bahrain Formula 1 Track planned to occupy 500,000 square metres and include a five-star hotel and traditional market as well as a network of canals spanning five kilometers.
Sama, which merged with other Dubai Holding units Dubai Properties Group and Tatweer in August 2009, was hurt by defaults in the wake of the global credit crisis.
The government in December abandoned a plan to merge the companies with developer Emaar Properties PJSC.
