Bahrain Financial Harbour project officially underway

The headquarters of the Bahrain Financial Harbour Holding Company was opened last week by Bahrain’s Minister of Finance & National Economy.

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By  Eudore Chand Published  December 11, 2003

The headquarters of the Bahrain Financial Harbour Holding Company was opened last week by Bahrain’s Minister of Finance & National Economy, Abdullah Hassan Saif and Minister of Commerce, Ali bin Saleh Al Saleh. The owners and operators of the BFH project, at the Seef Towers, says that this US $1.3 billion project reflected the Kingdom’s commitment to excellence in the banking and finance sectors. “The BFH project is a visionary development that effectively builds on Bahrain’s undisputed and continued leadership of the financial sector in the Middle East for the past three decades, the BFH is one of the most significant investment projects to have originated in the region,” says Saif. The BFH opening ceremony was also attended by Government officials, dignitaries, businessmen, representatives of Bahrain Monetary Agency, Bahrain Stock Exchange, Economic Development Board, BFH, financial institutions and members of the diplomatic corps. “Envisaged as a dedicated resource complex for the global finance sector, BFH uniquely combines business, leisure and residential components and is being developed on a high-profile waterfront site,” Saif says. Commenting on the government’s continued support to the BFH project, Saif says: “We have no doubt that, apart from consolidating Bahrain’s status as the Middle East’s leading financial centre, BFH will also emerge as a key driver of the region’s economic development.” The BFH chairman, Essam Janahi, received guests and explained the salient features of the projects through a video presentation and permanent exhibition, which is based at BFH’s new headquarters. BFH chairman, Essam Janahi, says that the BFH Holding Company Fund had received an overwhelming response from the market. “This is a clear proof of the investors’ confidence in Bahrain and its strategic projects like BFH. The BFH Holding Company has an authorised capital of US $100 million and paid-up capital of US $25 million,” Commenting on the land reclamation for the first phase of project, he says that this segment of the project would be completed on schedule. “We are in the piling stages and 75% of that stage has already been completed. Final tenders for the main project will be opened early next year after short-listing of the contractors. We are anticipating that the first offices will be moved in 30 months’ time after the awarding of the contract early next year,” he says. Piling work was undertaken by Bahrain Foundation Company. Janahi also stated that “The entire reclamation work on the Phase 1 of the project, The Financial Centre, which covers an area of approximately 58 000 m2, had been completed on schedule. This includes the reclamation for the 50-storey Dual Towers, Harbour House and the Financial Mall components of the project. In fact, the piling work on this phase has already commenced and is expected to be completed by the end of the month.” While the Dual Towers will comprise business centres, office suites, exclusive residential apartments and health and recreational facilities, the Financial Mall will house the stock exchange and other capital markets, a clearing and settlement house and brokerage and trading firms. The Harbour House, on the other hand, will provide 10 000 m2 of office space for media-based enterprises specialising in business, finance and investment. “Further to the floating of the tender for the main contractor for the US $250 million Financial Centre, we have already prepared a shortlist of names. The final announcement on the awarding of the tender will be made shortly,” Janahi added.

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