Baraka plans new HQ at Bahrain Bay
Manama, September 27, 2010
Al Baraka Banking Group is set to build its new headquarters at the Bahrain Bay Development, the $2.5 billion landmark waterfront community located off the north shore of Manama.
Al Baraka said it has received the building permit from the Bahrain Municipality for the new headquarters.
It is the third developer to be awarded building permit and will now join Arcapita, the project’s lead investor and CapitaLand – Raffles City Bahrain, on site, said a statement from Bahrain Bay.
Commenting on the news, Bob Vincent, chief executive of Bahrain Bay, said, 'I am delighted to confirm that Al Baraka Banking Group has received their building permit from the Municipality and on behalf of the Bahrain Bay team, I welcome the Al Baraka team on site in the coming months.'
Bahrain Bay will see Al Baraka’s new headquarters take up pride of place in the project’s financial district.
The nine-storey duplex building surrounding a central courtyard will offer visitors and occupants a unique setting in which to do business, whilst forming a prominent component in the visitor arrival experience to Bahrain Bay from the east.
The commercial office cluster in which the headquarters will reside will also be a key contributor to the vitality of the North Park area when completed, said Vincent.
'This recent news is another confirmation of the success of Bahrain Bay in attracting the highest quality investors with both the ability and commitment to deliver on their undertakings,' the company chief said.
'It has always been the intention of Bahrain Bay to become the home of the region’s leading financial services companies and with the presence of some of the country’s leading financial institutions such as Al Baraka Bank and Arcapita, we are well on the way to making this objective a reality,' he noted.
Commenting on the move, president and CEO of Al Baraka Banking Group, Adnan Ahmed said, “As a Bahrain-based bank with a strong regional and international presence, it is very important for us to have our headquarters in a regional location with strong international links.'
'Bahrain Bay is set to become the Kingdom’s new financial hub and with the construction of new road networks with links to Qatar and Saudi Arabia, as well as its close proximity to Bahrain International Airport, Bahrain Bay provides an ideal location,' he pointed out.
Expressing his delight at the continued progress of the development despite the recent state of the real estate market, deputy CEO of Bahrain Bay, Abdulla Faisal Al Dosari, said, 'I am very pleased to welcome Al Baraka Bank to the project and I would like to extend my appreciation to the bank and Adnan Ahmed for choosing Bahrain Bay as the new location for their headquarters.'
'Al Baraka is one of the country’s most reputable financial institutions, with both local and international ties and we are honoured to be working closely with them. I would also I'd like to thank all the government organizations that have assisted us and allowed up to continue to progress with the project in a timely manner,' he added.-TradeArabia News Service
More Construction & Real Estate Stories
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna