Bahrain Financial Harbour construction on fast track, completes 39 per cent of Phase I - Financial Centre

The first phase of the project will be completed by the end of 2006.

Announcing the details of the construction and related developments of BFH, Mr. Abdulrahman Al-Jasmi, Managing Director of the Bahrain Financial Harbour Holding Company B.S.C. (c), said: "The development of BFH, which includes the rapid construction of the Financial Centre as well as revetment works of Phase II of Reclamation and reclamation of Phase III, is taking place at full swing. A total of three and half million manhours have been registered till the end of August 2005 in the construction of the Financial Centre, indicating the rapid pace at which BFH is being developed. We have been able to ensure a high-level of safety to the workers at the site putting in place norms that are benchmarked against global standards. We plan to further build on this reputation as we continue developing the project, which is envisaged as a national landmark."

"Currently, approximately 1,600 workers and employees are involved in the development of BFH on a daily basis, including Bahraini nationals, reflecting the project's benefit to the local job market and the economy. We are confident that once the project is completed, it will open more job opportunities for Bahraini nationals and will boost local businesses," he said.

Mr. Al-Jasmi said that currently, 14 Bahraini sub-contactors are involved in the development of the Financial Centre and as the development of BFH gathers momentum further, more Bahraini firms would be able to partner with the project.

"Along with the construction of the project we are also in the process of addressing issues such as parking facility by providing 3,500 parking spaces for the Financial Centre. Parking is one of the matters we focused on as it is one of the issues currently faced by other business districts," Mr. Jasmi said.

The Financial Centre, which will be equipped with cutting-edge technological amenities including wireless hot spots to high-speed data network, will offer 125,386 square metres of office space and 11,175 square metres of dining and leisure space.

The office space within the Financial Centre is structured on a freehold sale or lease option and investors can either lease or purchase entire floors ranging from 820 to 2,150 square metres. A number of floors have also been partitioned to offer tenants smaller spaces.