Saudi Businessman buys Harbour House of Bahrain Financial Harbour for USD30 million

At a special ceremony held at the Client Relations Centre (CRC) of BFH, the deal was signed between Esam Janahi, Chairman of the Bahrain Financial Harbour Holding Company B.S.C (c) and Mr. Khalid Al Rajhi, CEO of Abdulrahman Saleh Al Rajhi & Partners Co. Ltd, Saudi Arabia. Mr. Al Rajhi is also a member of the Board of Bank Al BiLad, member of the Board of Saudi Cement Company and is a founder of a number of companies in the GCC.

Commenting on the sale of the Harbour House, Esam Janahi said: "We look at this strategic development as a leap forward in the enthusiasm BFH has generated among investors. We welcome Mr. Khalid Al Rajhi as one of our partner-investors in BFH and we are confident that his investment will add more value to the integrated development."

"Harbour House is one of the salient components of the US$270 million Financial Centre, and is being developed as a modern building with superior amenities and cutting-edge technology," Janahi said.

"The deal unlocks the immense value of Harbour House and is a reflection of the robust investor demand in the key elements of BFH," Janahi added.

Connected to the Financial Mall through a suspended bridge, the Harbour House will be located in the centre of the Harbour Row amidst seafront walkways, shopping boulevards, promenades, marina and water pathways with water taxis, coffee shops and dining facilities.

Construction of the 12-Storey stand-alone office building commenced in March 2004 and is expected to be completed by the end of 2006. Harbour House will have a total area of 12,240 square metres and is planned as a roughly circular structure having an approximate diameter of 28 metres for a typical office floor. The Harbour House will be constructed by Al Hamad Development and Construction Company, the contractors for the Financial Centre

Elaborating on his association with BFH, Mr. Khalid Al Rajhi, said: "We are proud to be part of BFH, a project of significant scope and magnitude in the regional economy. Harbour House, being a central component of the BFH project, is a valuable investment for us".

"Harbour House is placed in the middle of picturesque settings, being at the centre of BFH development, and is on the seafront, making it an attractive office base. This unique location is unparalleled in the region," he added.

The first phase - the Financial Centre - will house investment and commercial banks, offshore banking units, legal and advisory services, takaful companies, fund managers, IT firms, professional institutes, leasing companies, financial consultants and international regulatory agencies. Construction for the Financial Centre commenced in March 2004 and is expected to complete by the end of 2006.