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Sunday, November 22 - 2009

16 third party developers on board for Bahrain Bay

Bahrain Bay Development Company B.S.C. (c), the main developer of the up-market offshore district on the north eastern coast of Manama, Kingdom of Bahrain at a cost of $2.5bn, today announced that it took part in the MIPM Expo, which was held in Cannes in the South of France.

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  • The Bahrain Bay.
    The Bahrain Bay.
Taking part along with Bahrain Bay Development Company are 16 international developers who have bought plots of land in this major project.

Since September last year, the three anchor developers of Bahrain Bay, Arcapita, The Four Seasons and CapitaLand have been joined by experienced investors such as Al Jomaih Investments, Cooperation Investment House, Khaleej Capita and Reliable Investment. Several of the developers are already progressing through the initial stages of their individual projects, with Arcapita having moved to its first concrete pour in early February and CapitaLand having already completed its piling work along with 40% of its basement works.

13 of the developers have also now completed their Due Diligence, 10 have approved their Preliminary Concepts and five developers have approved Schematic Designs. Several of the developers are also set to start construction before the end of the year.

"Despite the challenges we all face in today's financial environment, we remain confident of the success of Bahrain Bay. It is our shared purpose, our shared commitment to excellence that will ultimately differentiate Bahrain Bay from other developments in the region. Thanks to the support and commitment from our third party developers, Bahrain Bay continues towards its goal of becoming a high-quality urban integrated mixed-use development,"

commented Bob Vincent, CEO of Bahrain Bay.
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Notes and media contacts

About Bahrain Bay Development B.S.C.(c):

Bahrain Bay is a new metropolis coming to life. A vibrant destination in the heart of Manama, Bahrain, this distinct community is a fusion between the calm of water and the vitality of an urban centre, the essence of Bahraini tradition. Positioned off the north-eastern shore of Manama, Bahrain Bay is a landmark $2.5bn waterfront development designed around vibrant neighbourhoods of residential, commercial and retail spaces, all based upon the unique concept of an island connected by two bridges forming an inner harbour. Contemporary in design and modern in its sensibility, Bahrain Bay brings a new energy to Bahrain, uniquely combining its diverse components and contrasting elements into an authentic and welcoming destination.

The community is anchored by three key developments: the Kingdom's only Four Seasons Hotel; CapitaLand's first GCC development, Raffles City Bahrain; and the new HQ building for Arcapita, the leading international investment firm and lead investor in the project.

Bahrain Bay is committed to establishing and maintaining a new standard of urban centre. With an emphasis on social fabric and sense of place, Bahrain Bay will be created as a complete community filled with residents, businesses and visitors from all over the world. Bahrain Bay offers a range of high quality development opportunities for developers to participate in creating residential, commercial and retail offerings around the anchor developments. In addition to the anchor developments, Bahrain Bay has attracted investment from regional and international developers.

Designed by Skidmore, Owings & Merrill, a world leading architecture and urban design firm based in New York, the masterplan for Bahrain Bay has been designed to create a fusion of neighbourhoods, open spaces, entertainment, retail and commercial areas which, together as Bahrain Bay, will serve as symbol of Bahrain's promising future.

For further information, please contact:

Gene Redelinghuys
Bahrain Bay Development B.S.C.(c)
T + 973 17505555

Caroline Clabburn
Consultant
FD - Bahrain
Bahrain Tourism Bldg, 4th Floor
Manama, Bahrain
T +973 17 53 70 72
F +973 17 53 46 20

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