The $2.5-billion Bahrain Bay development in Manama is drawing increased investor interest following the completion of key aspects of the project, a forum heard.
The past year has been one of growth and expansion, with over 86 percent of plots sold, the infrastructure complete and projects of third party developers nearing completion, officials said at the Bahrain Bay Business Forum.
The development stands well positioned as it offers enormous opportunities to investors as it consolidates Bahrain’s status as a hub for business and investment opportunities in the region, the forum heard.
The forum, a well-attended investor event, which brought together partners, associates and dignitaries involved with Bahrain Bay, a luxury waterfront development, was held at the Four Seasons Hotel on Thursday (January 25).
A joint venture between Arcapita and a Bahrain-based investment group, the Bahrain Bay development has attracted some of the best-known international brands to Bahrain. Many of the third party developers from Bahrain, the GCC and India were present for the forum.
The forum began with an address from Bahrain Bay chairman and Arcapita CEO Atif Abdulmalik, followed by a presentation from Bahrain Bay CEO Gagan Suri. Speakers also included several prominent partners and associates, amongst whom were Mohamed Al Mutaweh, CEO and board member of Al Baraka Islamic Bank; Faisal Bin Faqeeh, chairman of Bin Faqeeh Real Estate Investment Group; Nayan Shah, the CEO and managing director of Mayfair Group; and Greg Pirkle, general Manager of Four Seasons Hotel. Sharing their insights also were Jarmo Kotilaine, chief economist, market strategy and intelligence at the EDB, and Xavier Theillere, regional director of Bahrain Bay Utilities.
The forum provided a platform that strengthened high value networks and gave Bahrain Bay an opportunity to communicate its vision and update the guests on the progress of the development.
Abdulmalik said: “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. 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 the Kingdom of Bahrain.”
The forum was also viewed as an excellent opportunity to showcase Bahrain, and to highlight its business friendly economy.
Suri added: “We have been very successful in presenting a dynamic investment environment through the premium properties and the excellent facilities of Bahrain Bay. We are proud of the fact that Bahrain Bay has remained stable through the economic challenges of the last decade. We have a network of strong and trusted partners and investors with whom we have a unified vision. This forum will help in setting up crucial partnerships and provide information and support to potential international investors in the kingdom.”