Bahrain will be investing up to BD200m ($530m) to revamp the Manama Central Market in a bid to boost the GCC state’s economy.

The complex, which will include residential and commercial properties, will be open within the next six years.

Tashgeel for Commercial Buildings Management has been awarded the contract to supervise the project.

The development plan had first been announced in January 2008, but was postponed due to the global financial crisis.

The project will include a new central market, which will be named the Capital Trade Centre. The new centre will also include four 28-story office and shopping towers, car parking, a five-star hotel, a cultural centre, and a park.

“We have already received interest from GCC and foreign investors to take their share in the project whether in office space, the hotel or other facilities,” says Juma Al-Ka’abi, minister of municipalities and urban planning affairs.