Bahrain-based Islamic financial institution Albaraka Banking Group (ABG) will build a new corporate headquarters at Bahrain Bay.

The firm joins Bahrain-based investment firm Arcapita in choosing to base itself within the high-profile development in the heart of Manama.

"ABG's decision to select Bahrain Bay as an ideal location to build its headquarters stems from our strong belief in the importance of Bahrain as a major international and regional Islamic banking and financial centre," said ABG chairman Shaikh Saleh Abdulla Kamel.

"We believe Bahrain Bay will be an excellent location for our new headquarters. We feel that Bahrain Bay fits our aspirations and philosophy perfectly," added ABG president and chief executive Adnan Ahmed Yousif.

"It will provide us with a modern centre from which to continue to build a truly global Islamic banking service for the Arab world and Muslims worldwide.

"What also appealed to us very strongly was Bahrain Bay's commitment to building a genuine community, where neighbourhoods will be created which will offer opportunity to all those who live and work within them. Albaraka Banking Group is proud to be part of Bahrain Bay's vision," he said.

The latest investment in Bahrain Bay follows similar commitments by leading businesses, such as The Four Seasons, which will build and operate a 220-room, 285m high premium hotel located on its own island at the heart of the development. -TradeArabia News Service