Bahrain Bay showcased at Cannes event
Manama, March 6, 2012
Bahrain Bay, a major master-planned mixed-use waterfront community, is showcasing the progress taking place at the $2.5 billion waterfront master plan development at a global real estate summit in Cannes.
The premier international conference MIPIM opened today (March 6), and will run until March 9.
MIPIM provides Bahrain Bay with an ideal platform to showcase the development’s vision and ongoing progress as well as market the project’s remaining available freehold land parcels.
To date 65 per cent of Bahrain Bay’s land parcels have been sold and in recent months the project has seen the accomplishment of several key milestones; the start of construction on the Four Seasons Hotel and the steady progress being made on the Al Baraka Bank headquarters building and the Cooperation Investment House commercial tower.
Utilities and infrastructure works are also progressing well and now largely complete. The combined current committed value of construction activity in Bahrain Bay exceeds BD250 million ($663 million) which will inject much awaited economic stimulus into the country.
Bahrain Bay also announced that Khaleejcapita, a major regional real estate investor in the luxury retail and hospitality sector, has initiated construction of the JW Marriott Bahrain Hotel.
The five-star hotel which will feature 274 rooms and 120 residences, is designed by renowned architect Yousif Al Sayegh and Associates who created the Six Senses Hideaway Zighy Bay in Oman, and is set to open its doors to guests in 2016 and will be Bahrain’s first JW Marriott property and the fifth in the region.
Showcasing the development to an international audience, Robert Lee, who joined this year as chief executive officer and Abdulla Al Doseri, deputy CEO of the mixed-use scheme, will update visitors and media on the latest progress of key projects and the wider infrastructure initiatives which are having positive impact on the local and regional real estate sentiment.
“The news that Bahrain Bay has secured a further two luxury hotels, both of which will deliver considerable investment into the national economy and join numerous existing projects which are currently underway on the master plan, marks an exciting start to 2012 and reaffirms the confidence and success of our partners, which will lead to further successes in the future,” said Al Doseri.
“In addition to the beneficial fiscal effects of these developments, they also represent a very positive statement of confidence in the country as a business destination.”
Lee added: “MIPIM is a truly international market place, and this year we expect investors who have, in the past, focused on their domestic markets, to begin to look further afield to other regions with strategic potential and we’re well placed to capture this attention. The outlook for both Bahrain Bay and wider Bahrain economy is bright.” – TradeArabia News Service