CB Richard Ellis opens in Bahrain

The new office represents an important building block in the development of the firm's Middle Eastern business.

Despite the turmoil in the global financial markets, the Gulf's real estate market continues to offer opportunities for CB Richard Ellis' international client base. Widely regarded as the best-regulated financial centre in the Middle East, Bahrain is home to approximately 400 licensed financial institutions and has been the region's financial capital for more than 40 years. It also benefits from the King Fahd causeway which provides a direct link to Saudi Arabia, the largest market in the region. In 2012 a second causeway will complete a new trans-Gulf highway running from Saudi Arabia through Bahrain to Qatar, the United Arab Emirates and Oman, connecting the entire Gulf market with Bahrain at the centre.

Nick Maclean, Managing Director CB Richard Ellis Middle East, said: "The island Kingdom of Bahrain has long enjoyed a history of commercial success, reflected in the many completed landmark developments and those planned for the future. The office opening in the central business district of Manama complements our regional strategy of expansion, seen most recently in Abu Dhabi and Dubai. In particular the Bahrain office further offers a strong platform to enter important markets such as Saudi Arabia and Qatar."

CB Richard Ellis expects to employ a staff of more than 100 people in the Gulf area by the year end, of which at least 20 will be based in Bahrain. Based in Manama, the local office will be managed by Mike Williams, an experienced professional who has spent the last 10 years working throughout the region in a range of consultancy/advisory roles to both the public and private sectors, and has been professionally involved in many of the largest projects to have taken place during that time. The management team in Bahrain has almost 30 years experience in the region and will be able to offer both local and multi-national clients a comprehensive range of real estate services.

Mike Strong, Chairman of CB Richard Ellis, EMEA, said:

"The opening of an office in Bahrain is another important step forward in our Gulf expansion strategy, and allows us to extend our services into a rapidly growing region. We are particularly pleased to add experienced professionals to our team and our international clients are already benefiting from their local knowledge and contacts."

The new office will also extend CB Richard Ellis' ability to provide consultancy services to local investors in the Gulf region seeking to invest overseas. A recent CB Richard Ellis report indicated that Sovereign Wealth Funds (SWFs) alone are set to invest $725bn in commercial real estate by 2015. In particular, more investment is expected to flow from key Gulf SWF's as a consequence of high inflows of capital.

Bahrain has the freest economy in the Middle East, ranked 19 worldwide* and is part of the Arab Free Trade Zone. The Kingdom also has bilateral trade and economic agreements with 43 other countries, including China, France, India, Singapore and the UK and is the only nation in the Gulf to have a Free Trade Agreement with the United States.