MANAMA, 3 May 2007 — Shaikh Khalifa ibn Salman Al-Khalifa, prime minister of Bahrain, opened here yesterday Phase I of the $1.5 billion Bahrain Financial Harbor (BFH) — the “Financial Center” of the region’s first fully-integrated financial district.
The much-awaited formal opening of the Financial Center was followed by an impressive high-voltage spectacularly choreographed multimedia laser and fireworks show which artistically lit up the entire harbor while bringing the iconic Harbor Towers into the spotlight.
The day-long formal opening ceremony was attended by over 2,000 of the world’s leading banking industry professionals, diplomats, VIPs, regulators and senior government officials from Bahrain and other local, regional and international dignitaries.
Commenting on this mammoth project, Rasheed Mohammed Al-Maraj, governor of the Central Bank of Bahrain (CBB), said: “The Gulf region is witnessing a significant change on all fronts be it political, social and even economic. The financial sector in the region, of which Bahrain is a key driver, has also been undergoing a dramatic transformation, successfully emerging into a global financial center. However, with the rapid growth being witnessed in the region, the time is now ripe for the next big-growth thrust in the sector, which currently is, to some extent, being limited by certain aspects of infrastructure and regulation.
“While, as the Central Bank of Bahrain, we are actively working on the regulation side in Bahrain and with its developments such as the Bahrain Financial Harbor that we believe would play a larger role in addressing the issue of meeting the complex and constantly evolving infrastructure needs of the sector,” Al-Maraj said.
The Financial Center consists of the stunning Harbor Towers and Harbor Mall. The Harbor Towers will provide prime office and commercial space for the financial services industry while the Harbor Mall will house high quality retail outlets and cafes, other leisure facilities as well as brokerage and trading firms.
Esam Janahi, chairman of BFH, while addressing a press conference at BFH yesterday, said: “Bahrain has over the last couple of decades successfully gained the reputation of being the financial hub of the Middle East, driven by the forward-looking and open-market policies adopted by Bahrain’s dynamic leadership and government and backed by the world-class regulation through the Central Bank of Bahrain and the Bahrain Economic Development Board. Furthermore, where the first half of this decade saw record repatriation to the tune of $1.5 trillion back into the region, the last couple of years have seen the trend being reversed with the emergence of Middle East as one of the leading global exporters of investments and the emergence of Islamic finance, pioneered by the region, as a significant alternative to conventional banking globally.
“This has laid the ideal platform for the region to emerge as a leading global financial center and Bahrain, with its leadership position in both conventional and Islamic finance, along with its advanced regulatory framework, strategic position and robust multilateral trade agreements including WTO (World Trade Organization) membership and FTA (Free Trade Agreement) with the United States, is well placed to take significant advantage of this. However, there are some limitations in terms of relatively less developed capital and bond markets and the lack of world-class technologically advanced infrastructure that is to some extent restricting this progress. BFH was conceived with the aim of addressing these concerns, in the process significantly contributing to enhancing Bahrain and the region’s position in the global financial markets.”
Janahi added that “we are confident that this milestone project will not just significantly impact the position and economy of Bahrain, but would also create large-scale employment opportunities for the highly-educated trained work force of Bahrain.”
Elaborating on “Enterprising Bahrain”, Stephen Rothel, chief executive officer, BFH, said: “I am delighted to say that every act in the official launch ceremony of the Bahrain Financial Harbor has been sourced from within Bahrain. It is an incredible accolade for Bahrain’s performers to be able to put on a show of such quality and diversity — with the added passion in the performance that comes, knowing that everyone involved in this historic occasion is representing their country.”
The event was also marked with a high profile conference yesterday titled “Middle East Financial Services Summit.”
Stephen Timewell delivered the opening address at the summit and Janahi delivered the welcome speech.
