Construction contract awarded to Al-Hamad Construction & Development Company

The design and build contract, worth BD 12 million, was presented by the BIIC's Saudi based investor, Sheikh Saleh Al-Ali Al-Rashed, to Al Hamad's Chairman, Mr. Nashat Sahawneh.

Elaborating on the award of the contract, Sheikh Saleh Al-Ali Al-Rashed said: "As the single-largest composite development, the BIIC will fuel the huge growth that is underway in the region's insurance industry. The BIIC is based on an innovative concept that will shape Bahrain as one of the world's leading destination for insurance and related businesses. It will enable insurers to unlock the vast reserve of opportunities that are currently untapped across the Middle East.

"The award of the contract to Al-Hamad Construction & Development Company is only the start of this milestone project. The decision to award the contract was taken after closely monitoring the progress of the Financial Centre, which is also being constructed by Al-Hamad. The high standards of work provided by the firm in the construction of the Financial Centre together with exceptional performance record has prompted us to award the construction of the BIIC to Al-Hamad. We are pleased to join forces with a firm of such high repute as Al-Hamad."

"BFH and, within it, BIIC, are unique projects being developed under the visionary leadership of the Prime Minister of the Kingdom of Bahrain, His Highness Sheikh Khalifa Bin Salman Al-Khalifa. I would like to offer deep regards to His Highness for providing me with the opportunity to be part of this project and for his ongoing encouragement and support in the development of it," Sheikh Saleh Al-Rashed said.

He also thanked the BMA for its support in developing the project. "The BMA is the leading banking regulator in the region and its forward-looking policies have further enhanced the reputation of the Kingdom of Bahrain as the financial capital of the Middle East," he added.

The foundation stone for the BIIC was laid in March at a special ceremony held under the patronage of His Excellency Rasheed Mohammed Al Maraj, Governor of the Bahrain Monetary Agency. The investment of US$ 50 million by Sheikh Saleh to develop the BIIC was also announced simultaneously.

The BIIC seeks to build on the pivotal role played by Bahrain in the region's strong insurance industry. Developed under the auspices of the BMA, the BIIC will offer insurers access to a burgeoning Gulf market and an ideal business environment. Its close proximity to the Financial Centre will enable its tenants to draw on the critical data flows providing full-on access to world markets. Regional customers in turn will have the opportunity to seek out the best cover, policies and premiums to suit their needs.

Underlying it as a project with significant potential, Mr. Nashat Sahawneh, Chairman, of Al-Hamad, said: "We are extremely honoured to be associated with a project of such national and regional significance. The project will assemble major regional and international players of the insurance industry in one integrated establishment.

Considering the massive scale of the project, Al-Hamad will bring the best of its expert knowledge and intellectual resources to the project to ensure its success. The BIIC, designed as a unique offering with a sophisticated infrastructure, is the single largest development in the region's financial landscape.

Located in a Commercial East Complex, this 22 storey building spans an area of over 19,000 square metres. The piling work for the building commenced in March and was completed in the beginning of May. The architecture of the BIIC is in line with the overall BFH development, offering a distinctive and futuristic design. The ground and first floor of the BIIC will be developed as an atrium space lined with small outlets for insurance services, together with a coffee house. On the second floor there will be conference and meeting room facilities. The Bahrain Insurance Association will also have its offices in the BIIC to provide statuary back-up to private insurers.