Key developer receives building permit
Manama, Kingdom of Bahrain: Bahrain Bay Development B.S.C.(c), the $2.5 billion landmark waterfront community located off the north shore of Manama, would like to congratulate Al Baraka Banking Grouping on receiving the building permit for the Bank's new headquarters.
Bahrain Bay will see Al Baraka's new headquarters take up pride of place in the project's financial district. The 9 storey duplex building surrounding a central courtyard will offer visitors and occupants a unique setting in which to do business, whilst forming a prominent component in the visitor arrival experience to Bahrain Bay from the east. The commercial office cluster in which the headquarters will reside will also be a key contributor to the vitality of the North Park area when completed.
Commenting on the news, Bob Vincent, Chief Executive of Bahrain Bay, said, "I am delighted to confirm that Al Baraka Banking Group has received their building permit from the Municipality and on behalf of the Bahrain Bay team, I would like to take this opportunity to welcome the Al Baraka team on site in the coming months.
"This recent news is another confirmation of the success of Bahrain Bay in attracting the highest quality investors with both the ability and commitment to deliver on their undertakings. It has always been the intention of Bahrain Bay to become the home of the region's leading financial services companies and with the presence of some of the country's leading financial institutions such as Al Baraka Bank and Arcapita, we are well on the way to making this objective a reality. The forth coming commencement of construction by AlBaraka is an extremely strong statement of the emergence of Bahrain Bay from the financial downturn and sets the scene for further construction starts for early next year. We will continue to work closely with all of our development partners in the coming months as we progress the Bahrain Bay project and fulfil our shared vision of creating a new standard of urban waterfront living in Bahrain."
Expressing his pleasure at the continued progress of the development despite the recent state of the real estate market, Deputy CEO of Bahrain Bay, Mr. Abdulla Faisal Al Dosari commented, "I am very pleased to welcome Al Baraka Bank to the project and I would like to extend my appreciation to the Bank and Mr. Adnan Ahmed for choosing Bahrain Bay as the new location for their headquarters. Al Baraka is one of the country's most reputable financial institutions, with both local and international ties and we are honoured to be working closely with them. I would also I'd like to thank all the government organizations that have assisted us and allowed up to continue to progress with the project in a timely manner."
Commenting on the new location of the Bank's headquarter, President and CEO of Al Baraka Banking Group, Adnan Ahmed said, "As a Bahrain based bank with a strong regional and international presence, it is very important for us to have our headquarters in a regional location with strong international links. Bahrain Bay is set to become the Kingdom's new financial hub and with the construction of new road networks with links to Qatar and Saudi Arabia, as well as its close proximity to Bahrain International Airport, Bahrain Bay provides an ideal location."
Al Baraka Banking Group is the third developer to be awarded their building permit from the Bahrain Municipality and will now join Arcapita, the project's lead investor and CapitaLand - Raffles City Bahrain, on site.
Bahrain Bay offers developers land parcels equipped with fully integrated infrastructure platforms, a high profile location on the north shore of Manama and the opportunity to be part of the creation of Bahrain's leading waterfront community. The contemporary designed development has attracted all categories of real estate developer, from high-end residential through to commercial.
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About Bahrain Bay Development B.S.C.(c) (www.bahrainbay.com)
Bahrain Bay is a $2.5 billion mixed-use waterfront development set off the north-eastern shore of Manama, Bahrain. Construction on the project began in June 2006. The development offers an ideal location based upon an unparalleled master-plan, projecting a living and working population of between 25,000 to 30,000 people designed for the very best in 21st Century living.
Designed by Skidmore, Owings & Merrill, a world leading architecture and urban design firm based in New York, the master-plan for Bahrain Bay emphasizes a fusion of neighbourhoods, open spaces, entertainment, retail and commercial areas which will serve as a symbol of Bahrain's promising future. The community is anchored by three key developments: the Kingdom's only Four Seasons Hotel; CapitaLand's first GCC development, Raffles City Bahrain; and the new headquarters building for Arcapita Bank, the leading international investment firm and lead investor in the project.
Committed to establishing and maintaining a new standard of urban centre, Bahrain Bay brings fresh energy to Bahrain, combining diverse components and contrasting elements into an authentic and welcoming destination.
For further information please contact the Bahrain Bay sales centre: +973 17505555
www.bahrainbay.com
For further information, please contact:
Gene Redelinghuys
Bahrain Bay Development B.S.C.(c)
gredelinghuys@bahrainbay.com
Tel: + 973 17505555
© Press Release 2010
