MANAMA, 4 March 2004 - Al Hamad Contracting Company will start work this month on the $250-million first phase of the giant Bahrain Financial Harbor (BFH) project after signing an engineering and construction contract yesterday, BFH said.
Phase one covers the Financial Center which includes the development of the 50-story Dual Towers - the highest buildings in Bahrain - a Financial Mall and Harbor House and will take three years to complete.
The Towers are designed for financial services and related businesses as well as recreation, the Mall will be home to capital markets including the Bahrain Stock Exchange, clearing and settlement houses and brokerage and trading firms. The Harbor House is for media-based industries.
BFH, a $1.3 billion city development covering 202,272 square meters (667,498 square feet) and located on the Manama Corniche, has been designated by the government a "Strategic Investment Zone" offering liberal terms to attract private sector investment.
The contract was signed in Manama by BFH Chairman Esam Janahi and Nashat Sahawneh, general manager at Al Hamad, headquartered in the United Arab Emirates.
Over 6,000 jobs will be created over the lifespan of the BFH project that is expected to be completed in six years.
"The Financial Center has been developed as a fully contained financial services center in response to Bahrain's status as the Financial Capital of the Middle East," Janahi said.
Manama, which remains the principal banking center in the Gulf, is developing the giant harbor scheme to fend off fierce competition from the emirate of Dubai, which is also building what it hopes will become a major financial center.