Global Banking Corporation announces Marsa Al Seef, flagship development project in Bahrain

Abdul Rahman Mohammed Al Jasmi, Vice Chairman and Managing Director at GBCORP and Chairman of Marsa Al Seef said, "We are happy to announce Marsa Al Seef , our flag ship development project in the Kingdom of Bahrain. The launch of Marsa Al Seef, comes after GBCORP's robust year end results and is a reaffirmation and recognition of our business strategies and a strong reflection of GBCORP's market standing."

"Despite very challenging market trends Marsa Al Seef has won the confidence of institutional and individual investors who have found value in the project and expressed faith in GBCORP as the project's fund manager, financial advisor and placement agent. Added to this is the fact that Bahrain as a business and tourist destination, continues to attract potential investors due to the vision of the country's leaders in ensuring transparency and adopting business friendly policies, legal jurisprudence and strong regulatory guidelines from the Central Bank of Bahrain," Al Jasmi said.

Marsa Al Seef is one of the most exclusive and innovative waterfront projects, in the Kingdom of Bahrain. The project is a celebration of maritime lifestyle, an amazing waterfront destination enriched with world-class amenities and lifestyle character and boasting an unprecedented blend of unique residential, leisure, retail and entertainment opportunities for residents and visitors alike.

The development is located on the Kingdom of Bahrain's elegant northern coast and covers an area of approximately 26 million square feet. Its swift access to major business centers, the Bahrain International Airport and the Saudi Causeway is another significant facet to an eminently desirable setting to meet exacting expectations for an opulent lifestyle and a harmonious work life balance.

Mr. Al Jasmi also said that the project is aimed at a very elite target audience and will bring to the fore design elements of the highest standards featuring world class amenities and a lifestyle character in tune with the distinctive and demanding tastes of the elite clientele.

The project offers investors an opportunity to be a part of this development that is truly international in scope and with strong business fundamentals addressing niche market demands. Marsa Al Seef will add value as a sophisticated new waterfront city that stands tall among the world's best.

Integrating the World's leading theme companies, marina operators and service providers, Marsa Al Seef is conceived as the ultimate family destination and will build on Bahrain's formidable strengths as a country with a stable investment environment and cosmopolitan, multicultural lifestyle.

"Bahrain's property market has been enjoying a decade of exponential growth though many experts feared that its reliance on the banking sector, limited oil revenues and property would mean that the global financial downturn would have a negative effect. However, Bahrain is so far proving resilient and the current global downtrend in real estate is yet to have a significant impact on Bahrain, though as a positive measure there has been a property price correction, bringing down the development costs too," he added.

Mr. Ahmed Al Khan, Head of Investment Banking at GBCORP, reiterated that GBCORP's success is a result of its forward looking investment strategies, focus on human capital as its greatest strength; advocating and adopting pragmatic policies that encourage innovation and facilitating global investment opportunities through building partnerships for mutual development.

He emphasized that by strictly adhering to the Central Bank of Bahrain's regulatory policies in keeping with Basel II norms, GBCORP has been able to withstand the current market upheaval.

"GBCORP is actively pursuing several investment avenues that will add great value to our portfolio of Shari'a compliant services and benefit our highly valued investors. We understand the challenges in the market and we have the right business fundamentals to address the market needs," he added.