A R C H I V E S
Madinat al-Muslimeen Islamic Message Board
| $1.3 BILLION BAHRAIN FINANCIAL HARBOUR PROJECT |
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| jaihoon |
| 10/20/03 at 16:03:18 |
| Press Release 20 October 2003 $1.3 BILLION BAHRAIN FINANCIAL HARBOUR PROJECT UNVEILED IN LONDON Dubai, 20/10/2003: Bahrain Financial Harbour (BFH), the $1.3 billion development set to consolidate Bahrain’s status as the leading financial centre of the Middle East, will be previewed in London tomorrow at WaterfrontExpo. The BFH Chairman, Esam Janahi, and the lead project architect, Ahmed Janahi, will unveil the visionary project during the conference at the Excel Conference Centre in London Docklands. Both will brief journalists and other distinguished guests on the pioneering scheme at a high-profile reception on Thursday 23 October at Claridge’s Hotel in London. Work is currently underway on BFH, which has been called the “Canary Wharf of the Gulf”, on a prime waterfront site in the heart of Manama, capital of Bahrain. The two magnificent towers comprising the first phase are among Bahrain’s tallest buildings. They will accommodate leading regional financial institutions alongside other prestigious international companies and a Financial Mall - site of a number of financial markets including the Bahrain Stock Exchange. This single, strategic location will offer access to a $2,000 billion regional investment pool. The BFH project will leverage Bahrain’s 30-year pedigree as the financial gateway to the Middle East. With zero taxation and overseas-friendly ownership regulations, Bahrain is a recognized regional base for international firms. Manama is host to more than 350 banks, insurance companies and other financial institutions, drawn by an open economy underpinned by international financial best practice. BFH is the Middle Eastern focal point on the world’s financial map, combining access to global markets with the latest technologies, accommodation and leisure facilities. The centre is located on a high-profile site on the Manama Corniche, directly opposite the Manama Souq and retail district and only 15 minutes from Bahrain International Airport. Mr Esam Yousif Janahi, Chairman of the BFH Holding Co, said: “Bahrain Financial Harbour is a revolutionary project that will give global investors and executives access to the Middle East while providing an unparalleled international focus for local business people. Bahrain Financial Harbour has everything modern financiers need.” The first tenants will move in by the end of 2006 in advance of the December 2009 target date for completion of the entire project. BFH will comprise 26 individual developments, forming part of a harmonious and integrated design. The first four of these will be released in early December 2003. Only 20 of the 38 hectares will be built upon, leaving the remainder for public space, roads, a leisure resort, and a concert hall. Of the gross building area of 570,000m², some 266,000m² will be allocated to residential space, 250,000m² to commercial and 54,000m² to retail. A pleasure-craft harbour basin will reflect the mercantile heritage of the city of Manama, overlooked by the first stage of the development, comprising 47 floors of business centres, office suites, exclusive residential apartments and health and recreation facilities. Harbour House provides 10,800m² of offices for media-based enterprises specialising in business, finance and investment, and is attracting letting enquiries from broadcasters, publishers, marketing and media consultancies. Bahrain Stock Exchange will be among the bourses active in the Capital Financial Market section of the project. The Stock Exchange has played a leading role in establishing the country’s position as the financial capital of the Middle East, and its decision to relocate to the Financial Harbour underlines the status of the scheme. The presence of the Exchange is expected to attract complementary financial activities and as a result, letting enquiries are being received from investment and commercial banks, offshore banking units, fund managers, accounting and auditing firms. The Exchange began operations in 1989 with 29 companies listed and this has since grown to more than 40. Among the leading institutions to have signed letters of intent to relocate to Bahrain Financial Harbour are Gulf Finance House, the Islamic investment bank, and Solidarity, the life assurance and long-term annuity Savings Company. As placement agent and financial adviser to the project, GFH has demonstrated further commitment by choosing Bahrain Financial Harbour as its regional headquarters. GFH will occupy more than 11,000m² of floor space, creating a springboard for future expansion, backed by full-service resources and infrastructure. Recognising Bahrain Financial Harbour’s status as a world-class financial complex and its strategic location for servicing target markets, Solidarity has also decided to establish its headquarters there. “Bahrain is long established as the financial capital of the Middle East and the Financial Harbour will give this status a genuine global dimension,” said Mr Khalid Abdulla-Janahi, Chairman of Solidarity’s founders’ committee. “For any financial institution serious about being a key player in the region, there is really no credible alternative to Bahrain Financial Harbour.” |
| 10/20/03 at 16:05:58 |
| jaihoon |
Madinat al-Muslimeen Islamic Message Board |