Three international contractors have been short-listed for the contract to build the Financial Centre – the first phase of the $1.3 billion Bahrain Financial Harbour (BFH) development.

These firms were chosen from a total of eight contractors who had bid for the estimated total development cost of $250 million project. The preferred contractor is expected to be selected by March after a rigorous evaluation process which is currently under way.
Strategically located close to the Bab Al Bahrain (Gate of Bahrain), the state-of-the-art BFH is a landmark project within the regional banking and financial industry. The private sector-led development will cover a total area of 202,272 sq m on the Manama Corniche, with a series of interconnecting islands formed on reclaimed land.
The foundation stone for the BFH was laid in December 2002 by Bahrain’s Prime Minister Shaikh Khalifa bin Sulman Al Khalifa.  Upon completion, the development will be able to support a net lettable area of 390,000 sq m, that will consist of about 145,000 sq m of residential space, 220,000 sq m of commercial space and 25,000 sq m of retail and leisure space.
The Financial Centre is the most advanced of the BFH projects and involves the construction of the Financial Mall (eight storeys), the Harbour House (nine storeys) and the Dual Towers (each 50 storeys) over a site area of 55,000 sq m.
The Financial Mall will be the centre of BFH, and will house the stock exchange and the Capital Financial Market (comprising a trading hall, clearing and settlement house, brokerage and trading firms).  A central glass dome above the trading floor will allow natural light to filter into the mall. Glass-covered atriums to be located on each side, separating the mall from the adjoining office towers, will reinforce the concept of natural lighting. The Financial Mall will be connected to adjoining developments by elevated glass bridges.
The Dual Towers will be Bahrain’s tallest buildings and will house corporate offices, penthouse suites, business centres, health and recreational facilities. The towers’ unique and inspired architectural sail designs are set at opposing angles to provide a choice of accommodation and outlook focus. In addition to the varied office space provided, there will be exclusive executive apartments, complete with state-of-the-art business equipment.
The towers will offer sufficient indoor car-parking supported by ample outdoor parking facilities, says the spokesman.
Offering a panoramic view of the harbour, the Harbour House is being developed as a unique real estate investment offering 10,000 sq m of office space for media-based enterprises specialising in business, finance and investment. It will have direct access to the Financial Mall and will be linked to the harbour by a suspended bridge.
The contract for the Financial Centre is expected to be completed within 36 months and will be awarded on an engineer and construct (design-and-build) basis with a guaranteed maximum price.
Elaborating on the tender process, a senior BFH official says: “The purpose of the Stage One tender was to receive bids from eight short-listed contractors. These contractors were asked to provide sufficient information to enable the bids to be realistic, while also proposing ways of further improving the design, limiting the construction cost and controlling the time schedules for the works.
The official further adds that reclamation work for the Financial Centre is fully complete as is the preliminary piling contract. Bahrain firm Tamdec carried out the reclamation work between the two existing jetties of Mina Manama while the Bahrain Foundation and Construction Company (BFCC) carried out the piling work.
“A second piling operation (for the towers) will form part of the main building contract.
Further stages of reclamation, piling and construction of infrastructure will continue to be tendered for the subsequent phases of the project, which are currently anticipated to be nine,” he says.
Apart from reinforcing the role and the 30-year-plus pedigree of Bahrain  as the hub of the Middle East’s banking and financial industry, BFH aims to complement the policy of the Kingdom in attracting inward investments.  It is also being envisaged as a global and regional platform for the growing Islamic banking and financial industry.
BFH has been designed to be at the cutting edge of modern architecture. The revolutionary  financial business park, which is expected to be operational round-the-clock, will offer office space for corporates, residential apartments, boutique shopping facilities and modern-day luxuries such as seafront walkways and water pathways with water taxis. The development will also include a traditional dhow harbour and an opera house.
“The Government of Bahrain has designated BFH as a ‘strategic investment zone’ with liberal terms to attract private sector investment. Hence, BFH will offer investors a relaxed regime of rules, particularly in immigration and labour formalities. Investors will have the right to ownership of their assets in BFH and they will also be granted residency permits on a freehold basis,” the official adds. 
The holding company of BFH is the Bahrain Financial Harbour Holding Company  with its headquarters in Seef Tower, Manama. The adviser to BFH is Gulf Finance House, the lead consultant architect is Ahmed Janahi Architects and business development consultant is ReeMoon Business Development Consultants.