$2.5bn Bahrain Bay project enters key phase

28/02/2016 07:52 AST

The $2.5 billion Bahrain Bay development has entered a key phase with more than 86 per cent of plots sold, the infrastructure complete and projects of third-party developers nearing completion, it has emerged.

Bahrain Bay chief executive Gagan Suri told the 2016 Bahrain Bay Business Forum at the Four Seasons Hotel Bahrain Bay that the developer has spent $230 million and another $50m over the last few years in the project to complete infrastructure and enabling works and has expedited landscaping.

A joint venture between Arcapita and a Bahrain-based investment group, the project has seen growth and expansion during the past year, he added.

“Bahrain Bay continues to invite investor interest as the best address for business, hospitality and residential developments.”

Many third-party developers from Bahrain, the GCC and India were present for the event. The forum began with an address from Bahrain Bay chairman and Arcapita chief executive Atif Abdulmalik followed by a presentation from Mr Suri.

Speakers also included several prominent partners and associates, among whom were Al Baraka chief executive and board member Mohamed Al Mutaweh, Bin Faqeeh Real Estate Investment Group chairman Faisal Bin Faqeeh, Mayfair Group CEO and managing director Nayan Shah and Four Seasons Hotel Bahrain Bay general manager Greg Pirkle.

Sharing their insights also were EDB chief economist Jarmo Kotilaine and Bahrain Bay utilities regional director Xavier Theillere.

“Bahrain Bay revolves around creating a metropolis for 21st century living that will meet the needs of residents, businesses and visitors from all over the world,” Mr Abdulmalik said.

“Despite the uncertain geopolitical climate and volatile economic climate, the positive activity at Bahrain Bay has set an encouraging momentum which is promising as we focus on achieving our vision, our future of becoming a true legacy for Bahrain.”

Gulf Daily News