Manama, Kingdom of Bahrain - 7 April 2010 - Bahrain Bay's ongoing commitment to the successful development of the waterfront community Master-Plan and the economic growth of the Kingdom was cemented by its attendance at this year's MIPIM, the annual global real estate exhibition which was held in Cannes, France, between 16 and 19 March.
This year's exhibition attracted more than 17,300 real estate professionals from over 81 countries to conduct business and discuss the latest industry trends and the recovery of the global real estate market. Last year saw the attendance of several companies from Bahrain, but 2010 finds Bahrain Bay as the Kingdom's flag bearer, being the only real estate project to exhibit at the event.
The $2.5 billion Bahrain Bay mixed-use development offers significant input into the existing and future economic growth of Bahrain and the development of the local community.
Commenting on Bahrain Bay's attendance at MIPIM, Bob Vincent, Chief Executive, said, "Our attendance at MIPIM solidifies our dedication to both our third party developers and the future economic and social development of Bahrain. MIPIM is one of the few genuinely global real estate exhibitions and provides us with a great opportunity to efficiently market Bahrain Bay to global real estate developers and investors. With the global economy now stabilising and with optimism returning to global financial markets, MIPIM enabled us to demonstrate to leading professionals the opportunities available in both Bahrain and specifically Bahrain Bay.
"Times and cycles change as do the conditions of the market place and it is not uncommon for projects the size of Bahrain Bay to be developed though two or possible more economic cycles. It is important to recognise that a downturn is only temporary; you have to remain embedded in the market and stay committed. By adjusting our expectations and overall strategy, we have continued though these troubled times without loosing momentum and continue to move forward together with our developers".
Speaking on the overall project, Vincent said, "In 2009 Bahrain was nominated as the 18th easiest marketplace for business by the World Bank's International Finance Corporation, and in light of some of our neighbours debt woes, Bahrain is now in a strong position to move steadily up the ladder and maintain its status as the regions financial hub. With some of the country's most reputable banks such as Arcapita and Al Baraka Bank locating their global headquarters in Bahrain Bay we envisage that the country's financial institutions will form a significant part of the development creating a key business hub of financial services excellence for the region.
"Bahrain Bay not only provides investment opportunities, but will also steadily support the country's US$35 billion construction sector and the overall economic growth of the Kingdom though the investment of more than US$4 billion. Over 30,000 people are expected to live and work in the project and with a number of the world's leading brand hotels, including the Kingdom's only Four Seasons Hotel, already secured, the project will act as a magnet for both business and tourist visitors alike."
Concluding, Vincent said, "Despite a tough 18 months, I am pleased to say that the project remains on track and we remain committed to the vision of Bahrain Bay and are in no doubt that we will continue to navigate any challenges which may face us and go on to create a waterfront community befitting of a 21st century Bahrain."
Bahrain Bay offers a range of high quality development opportunities for developers and investors to participate in creating residential, commercial and retail offerings around its anchor developments. The project will house the new corporate headquarters for the leading international investment firm and the principal shareholder in the project, Arcapita, as well as the Kingdom's first Four Seasons Hotel. Bahrain Bay has also attracted investment from leading local and regional firms such as Al Baraka Group, the Bahrain based global Islamic bank, as well as Salhia Real Estate Company, the leading Kuwaiti property developer.
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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
