GBCorp launches flagship waterfront project
Manama, March 24, 2009
Global Banking Corporation (GBCorp), the Bahrain-based Islamic investment bank, has announced the launch of Marsa Al Seef, its flagship waterfront development project in the kingdom.
One of the most exclusive and innovative waterfront projects, Marsa Al Seef is a celebration of maritime lifestyle and an ultimate family destination, said a top official.
Abdul Rahman Mohammed Al Jasmi, GBCorp vice chairman and managing director and chairman of Marsa Al Seef, said: 'We are happy to announce Marsa Al Seef, our flagship development project in the Kingdom of Bahrain.'
'The launch comes after GBCorp’s robust year end results and is a reaffirmation and recognition of our business strategies and a strong reflection of the group’s market standing,' he pointed out.
Despite very challenging market trends Marsa Al Seef has won the confidence of institutional and individual investors who have found value in the project and expressed faith in GBCorp as the project’s fund manager, financial advisor and placement agent, Al Jasmi stated.
An amazing waterfront destination enriched with world-class amenities and lifestyle character, Marsa Al Seef boasts of an unprecedented blend of unique residential, leisure, retail and entertainment opportunities for residents and visitors alike, he commented.
'Added to this is the fact that Bahrain as a business and tourist destination, continues to attract potential investors due to the vision of the country’s leaders in ensuring transparency and adopting business friendly policies, legal jurisprudence and strong regulatory guidelines from the Central Bank of Bahrain,” he added.
The development is located on the Kingdom of Bahrain’s elegant northern coast and covers an area of 26 million sq ft.
Its swift access to major business centers, the Bahrain International Airport and the Saudi Causeway is another significant facet to an eminently desirable setting to meet exacting expectations for an opulent lifestyle and a harmonious work life balance.
According to Al Jasmi, the project is aimed at a very target audience and will bring to the fore design elements of the highest standards featuring world class amenities and a lifestyle character in tune with the distinctive and demanding tastes of the elite clientele.
The project offers investors an opportunity to be a part of this development that is truly international in scope and with strong business fundamentals addressing niche market demands.
'Marsa Al Seef will add value as a sophisticated new waterfront city that stands tall among the world’s best,' Al Jasmi said.
Integrating the World’s leading theme companies, marina operators and service providers, Marsa Al Seef is conceived as the ultimate family destination and will build on Bahrain’s formidable strengths as a country with a stable investment environment and cosmopolitan, multicultural lifestyle.
'Bahrain's property market has been enjoying a decade of exponential growth though many experts feared that its reliance on the banking sector, limited oil revenues and property would mean that the global financial downturn would have a negative effect.'
'However, Bahrain is so far proving resilient and the current global downturn in real estate is yet to have a significant impact on Bahrain, though as a positive measure there has been a property price correction, bringing down the development costs too,” he added.
Ahmed Al Khan, head of Investment Banking at GBCorp, reiterated that the bank’s success is a result of its forward looking investment strategies, focus on human capital as its greatest strength; advocating and adopting pragmatic policies that encourage innovation and facilitating global investment opportunities through building partnerships for mutual development.
He emphasized that by strictly adh