Al Baraka Banking Group chief executive Adnan Ahmed Yousif has praised the stability and security of Bahrain on a visit to Bahrain Bay where he inspected the construction of the company's new headquarters.

"We are pleased for what we have seen today of the great efforts for the construction of this distinctive and unique kind of architecture which is estimated to cost about $100 million," he said on Monday.

"Such efforts are not possible without the availability of the atmosphere of stability and security in Bahrain, in addition to the many facilities offered by the concerned official bodies, and full confidence in the performance of the national economy in the short and long term, all of which are factors that strengthen the confidence of major financial institutions in the kingdom," he said.

"Our insistence to establish the headquarters of Al Baraka Banking Group in accordance with the plan scheduled by it clearly emphasises our determination to continue the outstanding performance that characterised the group during the past years, even in light of the global economic crisis.

"The choice of the Bahrain Bay for the construction of our headquarters stems from the belief of the vital importance enjoyed by Bahrain as a financial and Islamic banking centre," he added.

"This important contract embodies a dream for us to see the new headquarters of the group constructed on latest architectural style in one of the largest development project in the heart of Manama," he added.-TradeArabia News Service