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Bob Vincent, CEO of Bahrain Bay, said:
"The energisation of our electricity substation is an important milestone for the project and further demonstrates that Bahrain Bay remains on track. Given the ambition of Bahrain Bay, we are focused on the long-term opportunity of the project and what it will offer to Bahrain in terms of positive social and economic impact. We remain committed to the vision of Bahrain Bay and we are confident that we will navigate the challenges of today's financial environment to go on to create a waterfront community befitting of a 21st Century Bahrain."
With the majority of the development's land parcels now sold and with 16 third party developers on board, Bahrain Bay is progressing in line with expectations.
The deck formwork of the Bahrain Residential Avenue Bridge has now been completed and preparations are well underway for the installation of the post-tensioning cables. Work also continues on the construction of the platform for the Manama High Street Bridge, which is now 80% complete.
Several of Bahrain Bay's third party developers are already progressing through the initial stages of their individual projects, with Arcapita having completed its structural frame along with concreting works and has recently commenced the installation of its curtain walls. Its full team of contractor, sub-contractor and consultants are committed and focused on the completion of the building in accordance with the construction programme. Thirteen of the third party developers have now completed their Due Diligence, and several have signed off on designs and completed their soil investigations, with many expected to commence construction work later this year.
Concluding, Bob Vincent said, "The work completed to date on the project demonstrates the developers' commitment to the Bahrain Bay project. We are encouraged by the progress of our third party developers and how effectively they are managing their projects in the current environment. Developers across the world are taking the opportunity to reassess how best to implement projects now to harness opportunities, such as lower construction costs, resulting from the current economic situation."
Posted by Siba Sami Ammari
