Fast taking shape in central Manama strategically close to the Bab Al Bahrain (Gate of Bahrain) is what is expected to be the financial capital of the region.
The Bahrain Financial Harbour (BFH) is rising rapidly along the King Faisal Corniche at a pace that would surprise many in the region. The $1.3 billion BFH is the first of its kind in the region, a holistic city within a city development, integrating finance, commerce, leisure, lifestyle and the arts.
Covering a 380,000 sq m area including a series of interconnecting islands formed on reclaimed land, the private-sector-led development has been designed as an epitome of architectural splendor.
Upon completion, the project will be able to support a net lettable area of around 540,000 sq m that will consist of about 198,000 sq m of residential space, 210,000 sq m of commercial and office area and 130,000 sq m of retail, dining and leisure space.
Work on the project started last March, when the construction contract for the first phase was awarded to the UAE-based Al Hamad Contracting Company.
Phase I
The $250 million (BD94.5 million) first phase of the Bahrain Financial Harbour (BFH) will be completed ahead of schedule, according to Al Hamad Contracting Company.
“Though the completion date set for the projects was March 2007, we are confident that it would be completed ahead of schedule by end 2006,” says general manager-contracting Thamin Fakhoury.
Currently, about 500 people are working on the project and it may increase to more than 1,000 during peak time.
Phase one of the project – the Financial Centre - includes the development of the Dual Towers, Financial Mall and Harbour House.
The Financial Centre offers a combined total of 105,300 sq m office space and 15,200 sq m of leisure, dining and retail space, as well as close to 3,500 parking bays dedicated to the Financial Centre for visitors, owners and tenants.
The Dual Towers comprise two 53-storey towers offering office space for the financial sector; the Financial Mall is a unique retail environment catering specifically to the capital and retail financial markets; while the 10-storey Harbour House provides a blend of work and leisure space offering facilities for media-based enterprises and other financial and investment supporting projects.
The Dual Towers are designed to accommodate financial services institutions, investment banks, offshore banking units and investment funds.
The Financial Mall will host the Bahrain Stock Exchange, commercial companies and brokerage firms.
Already more than16 per cent of construction works of the Financial Centre has been completed.
The seven-storey Financial Mall is expected to see structural completion next month (February). Work is also progressing on the Dual Towers with the second floor slab having been completed and on the Harbour House, with constrcution under way on the first floor level.
Al Hamad has already appointed nine Bahraini sub-contracting firms, which are now working on the site.
The Financial Centre will link both sides of the existing Corniche into a 2.670 m walkway. It is the first significant phase of Bahrain Financial Harbour, a development that builds on the 30-year reputation and legacy of Bahrain as the financial capital of the Middle East..
The cost of the Financial Centre is estimated to be $250 million, of which $100 million has already been raised through private placement, and the remaining amount ($150 million) is being financed and structured by Bahrain-based Liquidity Management Centre.
Phase II
Meanwhile, the second phase of the reclamation works at Bahrain Financial Harbour has been given the go-ahead with the award of an estimated BD9.7 million contract to Ahmed Mansoor Al A’ali.
The reclamation works will cover nearly 179,000 sq m and will be the site for the Eastern Commercial Complex component of the project. The complex will house Bahrain International Insurance Centre (BIIC) – among the most important facilities in the development, established by Bahrain Monetary Agency (BMA) – where the latter has agreed to lease several floors which it will then sub-lease to insurance and re-insurance companies.
This component of the Bahrain Financial Harbour development has been created with the objective of attracting global and regional insurance-related businesses.
“The creation of this insurance centre, hosted in the Eastern Commercial Complex, is a significant step forward in achieving the objectives of the BFH project to meet the demands of the financial sectors of Bahrain and the region,” says Janahi. The lead investor in the development is Ahmed Mansour Al A'ali. Reclamation work on phase II is due for completion by April 2006.
Other buildings that are to be be constructed on this reclaimed area are the Diamond Tower, Southern Residential Complex, Harbour Row, Dhow Harbour and a hotel.
The third and last phase of reclamation will have the Northern Residential Complex and the Bahrain Performance Centre which will house the Royal Opera House.
Ahmed Janahi Architects is the lead consultant.
