MANAMA, 9 October — Bahraini Prime Minister Sheikh Khalifa ibn Salman Al Khalifa unveiled the architectural design for the new Bahrain Financial Harbor.
This financial center will consist of approximately 25 internal developments within a mother project estimated to cost a total of at least $1 billion. Construction on the project is expected to begin in the year 2003 and continue for 6 years.
The Financial Harbor will be built at Manama Harbor, which was the original gateway to Bahrain before the opening of Salman Harbor. Manama Harbor lies on the northern shore of Manama. The Financial Harbor will replace the old harbor and expand eastward, westward and into the sea.
Total landmass will equal 202,272 meters squared, consisting of the highest office towers in Bahrain, a financial hall, residential apartments, retail shops and outlets, maritime facilities and other recreational structures. It is anticipated that 6,000 people will be involved yearly in the construction and that eventually 22,000 people will live and work at the Financial Harbor.
Finance for the project is the purview of Gulf Finance House. The project developers are ReeMoon Business Development Consultants.
Architectural services are provided by Ahmed Abubaker Janahi Architects.
According to the CEO of Gulf Finance House, Essam Yousif Janahi, 40 percent of the Financial Harbor will be financed through Bahraini sources, the remaining 60 percent will be available to regional and global investors. He anticipated that the Bahraini government would open ownership privileges to individuals and companies outside the GCC. While preference in construction contracts will go to Bahraini companies, international contracting firms will also play an important role.
Responding to a question about whether this project is a reaction to Dubai’s recent efforts to build a hub for regional financial community Essam Janahi said: “Bahrain has been known as the region’s leading financial center for 30 years not 3 years. To retain that standing we felt the time has come to create certain facilities that add value.
Thirty years ago there was no master plan for the development of the financial sector in Bahrain. What we see today with the Financial Harbor is community development in bringing a lot of entities together.”
Architect Ahmed Janahi emphasized that the Financial Harbor was not real estate development or speculation. “We want to enhance what we have,” he said. “There is no question but that we want to create a lifestyle for people to work and live.”
Some at the event expressed doubt as to the timing of such a project, referring to the nervousness in the market due to possible US aggression in Iraq, but Essam Janahi brushed such fears aside.
“This project is not a short term investment. It is long term,” he pointed out. “And this is the perfect time to attract investors who are currently looking back at the Middle East. It is simply unbelievable the number of investors who have contacted us expressing interest in the Financial Harbor.”
However, Essam Janahi was unwilling to mention specific names of investors or primary tenants. In addition, when asked to comment on such issues as water supply, electricity, and IT infrastructure, all Ahmad Janahi would say is that consultants had been brought in to manage each area of concern and that the latest technologies would be implemented.
