Bahrain To Launch $1 Billion Financial Hub

by Philip Morton, Investors Offshore.com

10 October 2002

Bahrain's Prime Minister, Sheikh Khalifa bin Salman Al Khalif on Tuesday launched the $1 billion Bahrain Financial Harbour (BFH) project, construction of which will begin next May.

Speaking to reporters earlier this week, Essam Janahi, chief executive of Manama-based Gulf Finance House, which will be the majority shareholder, explained that:

'The initial idea of the BFH was conceived two years ago. Extensive studies and research resulted in a vital need for a community of financial institutions, investment companies and corporations.' He continued: 'It will be a centre for investors and businessmen not just from Bahrain but from around the Middle East and other regions.'

The new harbour will cover an area of 202,272 square metres, and is scheduled for completion in 2009. It will feature two office towers, a financial hall, corporate offices, residential apartments, retail outlets, and maritime facilities.

However, Mr Janahi dismissed suggestions that the project is designed to run in competition with other, similar, ventures in the area, such as the Dubai International Finance Centre:

'We believe the region, the GCC in particular, is in need of such projects especially if we look at the advanced infrastructure, including the flexible laws, that we have here,' he explained.

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