Global Islamic banking major, Al Baraka Banking Group (ABG) said yesterday it would build its new headquarters at the $2.5bn Bahrain Bay Development.
The bank said it received the building permit from the Bahrain municipality for the construction.
It is the third developer to be given the green signal from the municipality authorities for taking up construction work at the site after Arcapita, the project's lead investor and CapitaLand Raffles City Bahrain.
"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," said the President and Chief Executive Officer of Al Baraka Banking Group, Adnan Ahmed yesterday.
He said Bahrain Bay was poised to become the Kingdom's new financial hub. "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."
"It has always been our intention 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 a reality," said Bob Vincent, Chief Executive of Bahrain Bay.
He said the development was attracting the highest quality investors with both the ability and commitment to delivering on their undertakings.
Al Baraka's nine-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, said Vincent.
Expressing his delight at the continued progress of the development despite the recent state of the real estate market, the Deputy Chief Executive Officer of Bahrain Bay, Abdulla Faisal Al Dosari said Al Baraka was one of the country's most reputable financial institutions, with both local and international ties.
By K.V.S. Madhav
© Bahrain Tribune 2010
