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Old October 12th, 2004, 09:34 PM   #1
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#COMPLETED-Manama: "BAHRAIN FINANCIAL HARBOUR (BFH)(Phase 1)" l Com-Off l (Part 1)

all the news about bahrain financial harbor
as of february 8 2003

this is how it will look like








Bahrain Financial Harbour project moves into high gear with completion of piling work for first phase

Preferred Contractor for first phase - US$ 250 million Financial Center & Bahrain International Insurance Center - to be announced on February 16

Manama, February 8, 2003: The visionary Bahrain Financial Harbour (BFH) project has moved into a high-growth phase with the completion of the piling work for Phase 1 of the development, which consists of the US$ 250 million Financial Center and the recently announced Bahrain International Insurance Center (BIIC).

Making this significant announcement in Bahrain today a top official of the company further said that full-scale construction for this phase is also expected to start by the end of February, with the formal announcement of the preferred contractor scheduled shortly on February 16, 2003.

Envisaged as a complete financial city for the global finance sector, the US$ 1. 3 billion BFH development uniquely combines business, leisure and residential components and is being developed on a high-profile waterfront site. The development has also been designated by the Government of Bahrain as a Strategic Investment Zone, with a unique blend of liberalized conditions to attract private-sector participation. The placement agent and financial advisor for the BFH development is Gulf Finance House.

Mr. Esam Janahi, Chairman, BFH, said: "The BFH has been conceived as a centre of financial excellence that will catapult Bahrain into the league of top global economic centers such as London, Hong Kong, Singapore and Tokyo."

"BFH offers a highly compelling rationale that makes it a natural choice for any progressive and ambitious financial institution. The completion of the piling work of the first phase of the project marks a key stage in the evolution of this development and signifies its entry into an accelerated development phase."


Mr. Janahi further said: "'Further to the floating of the tender for the main contractor for the Financial Center late last year, we short-listed eight companies, each of which was subjected to a rigorous evaluation process. We are now down to two final names, and the final announcement on the Preferred Contractor for this phase will be made on the 16th of February. We expect full-scale construction to commence immediately thereafter," he concluded.

The contract, which will be awarded on an "Engineer & Construct" basis, will cover all non-design and architecture-related elements of the Financial Center and BIIC.

Covering an area of approximately 58,000 sq.m, the Financial Center comprises of the Dual Towers, the Harbour House and the Financial Mall. While the Dual Towers will comprise business centres, office suites, exclusive residential apartments and health and recreational facilities, the Financial Mall will house the stock exchange and other capital markets, a clearing and settlement house and brokerage and trading firms.

The Harbour House, on the other hand, will provide 10,000 sq.m of office space for media-based enterprises specializing in business, finance and investment.

Launched under the auspices of the BMA, BIIC has been conceived as the region's first world-class insurance market which will house a range of insurance-related businesses, both conventional and Islamic.

BIIC will have under its roof, insurance companies, reinsurance majors and providers of specialist insurance services, making it the single-largest composite development in the regional insurance industry.
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Old October 12th, 2004, 09:35 PM   #2
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Key Project Milestones

October 2002 to June 2004

June 2004 Bahrain Financial Harbour Phase II Reclamation Set to Start: Awards US$25.7 million Contract to a Bahraini Company
June 2004 Bahrain Financial Harbour Opens for Sale
June 2004 Bahrain Financial Harbour Announces USD$200 Million Bahrain International Insurance Centre
March 2004 Al Hamad Contracting Company awarded Engineering and Construction contract, construction commences
February 2004 BFH unveils Customer Relations Centre on Manama harbour for customers to experience the development as it happens.
January 2004 Piling work complete for Financial Mall & Harbour House
January 2004 Bahrain International Insurance Centre (BIIC) launched as part of BFH project. BMA signs agreement to lease 7 floor
December 2003 BFH hold official opening of state-of-the-art headquarters at Seef Tower
December 2003 Funding for Financial Centre over subscribed
November 2003 Kuwait Investment Company (KIC) signs agreement with GFH to invest USD$25 million in Financial Centre
October 2003 Project unveiled at Waterfront Expo in London and dubbed "Canary Wharf of the Gulf"
October 2003 BFH appoints SOCOTEC International as technical advisers
October 2003 Reclamation of Phase One completed
August 2003 Reclamation for Phase One reaches 50% mark
August 2003 Bahrain Government designates BFH as Strategic Investment Zone

July 2003 Tenders requested and TAMDEC selected as supplier to begin reclamation work on Phase One of BFH
January 2003 Al Ayam Press, Publishing and Distribution and BFH sign agreement to set up BD10 million fully-fledged multi-media information establishment at BFH
December 2002 Prime Minister Sheikh Khalifa bin Salman Al-Khalifa lays cornerstone for new financial centre "Bahrain Financial Harbour
October 2002 BFH design unveiled for BFH project, by Ahmed Janahi Architects
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Old October 12th, 2004, 09:37 PM   #3
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as of march 3 2004

CONSTRUCTION BEGINS


CONSTRUCTION TO BEGIN AT BAHRAIN FINANCIAL HARBOUR

Manama, 3 March 2004 - Bahrain Financial Harbour ("BFH") announced today that it has signed a Contract with Al Hamad Contracting Company ("Al Hamad") for the Engineering and Construction for Phase One, the Financial Centre of BFH. Construction for Phase One, the Financial Centre, will begin in Q1 2004.

The Contract was signed by Mr. Esam Janahi, Chairman of BFH, and Mr. Nashat F Sahawneh, General Manager of Al Hamad, at a signing ceremony held today at the Bahrain Financial Harbour Customer Relations Centre.

Other representatives included Mr. Ahmed Janahi, Managing Director and Lead Consultant, Ahmed Janahi Architects and Chairman and CEO of ReeMoon BDC WLL ("Reemoon"), Mr. Abdulrahman Al Jasmi, Director, BFH and Head of the Tender Committee, Mr. Nawaf R Sadeddin, Development Director, BFH and Mr. Claude Julliot, General Manager, Socotec International.

Total estimated project value for Phase One, the Financial Centre, is US$250 million and will create over 2,000 jobs. The Financial Centre includes the development of the Dual Towers, Financial Mall and Harbour House. Construction of Phase One will take approximately three years. Over 6,000 jobs will be created over the lifespan of the BFH project that is expected to be completed in six years.

"Today marks a significant milestone in the development and evolution of BFH as our vision becomes a reality. Construction for Phase One of BFH, the Financial Centre, begins this month and will be completed by March 2007. BFH is the first of its kind in the region, a holistic City Within A City development integrating finance, commerce, leisure, lifestyle and the arts.

"This important initiative for Bahrain creates jobs and spin off benefits for our country. The Financial Centre has been developed as a fully contained financial services centre in response to Bahrain's status as the Financial Capital of the Middle East. BFH also supports the Government's social and economic plan and we are very grateful to the Government and the people of Bahrain for their continued commitment and support for BFH," says Mr. Esam Janahi, Chairman of BFH.


"After a rigorous tender process to eight international contracting firms, Al Hamad was selected based on its track record of successful development projects of similar scope in the region. Its commitment to ensuring high quality, while maintaining costs, delivering to the timetable and ensuring that the people of Bahrain benefit through employment, education and training were also key factors in the decision making process", says Mr. Ahmed Janahi, Managing Director and Lead Consultant, Ahmed Janahi Architects and Chairman and CEO of Reemoon.

"We are thrilled and grateful to have been awarded the opportunity to construct this significant landmark for Bahrain and we will continue to work closely with the BFH team to ensure that Phase One, the Financial Centre, is delivered to the highest standard and quality while meeting the timetable. Our project site will be set up this week at BFH and we will begin recruiting subcontracting firms for the project soon.

"In addition to this Al Hamad will be establishing a Training Institute for construction related industries, in conjunction with the post secondary schools in Bahrain, based on best international practices to ensure that we give back to the community and evolve the standards of the construction and related industries in Bahrain", says Mr. Nashat F Sahawneh, General Manager, Al Hamad.

The Contract for Phase One, the Financial Centre, includes the engineering and construction of the Dual Towers, which are each approximately 71,000 m² of built area - which at 50-levels high will be the tallest buildings in Bahrain, the Financial Mall, an eight-level building with a total built area of approximately 78,300 m² and construction of the Harbour House, a nine-level building that is roughly circular in plan with an approximate diameter of 28m. Phase One, the Financial Centre is expected to be completed in three years, at the end of Q1 2007.

The Dual Towers are designed for financial services and related businesses and will comprise of business centres, office suites and health & recreational facilities. The Financial Mall is a home to the capital markets including the Bahrain Stock Exchange, clearing and settlement houses and brokerage and trading firms. The Harbour House is designed for media based industries and will offer approximately 10,000m² of gross leasing space.
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Old October 12th, 2004, 09:38 PM   #4
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as of june 23

PROJECT OPENS FOR SALE


Bahrain Financial Harbour 'Opens For Sale'

Beirut, 23 June 2004: Bahrain Financial Harbour ("BFH") announced today that The Financial Centre component of the development is officially 'open for sale' - offering local, regional and international financial institutions and related businesses freehold ownership or lease options within the region's first world-class financial centre. At this stage, 35% occupancy rate has already been confirmed, says BFH Chairman Esam Janahi.

"Today's announcement that freehold ownership or lease options are now available at the Financial Centre development is yet another crucial step in attracting and retaining leading Bahrain, regional and international financial organizations in the Middle East region.

"The Financial Centre is the first significant phase of Bahrain Financial Harbour, a development that builds on the 30-years reputation and legacy of Bahrain as the financial capital of the Middle East.

"Our business partners and marketing team have spent a considerable amount of effort conducting market research and analysis to ensure that our pricing structures and approach is consistent with the market. Individual investments will depend on the technical specifications and personalization of the space purchased".

Mr. Janahi believes that investors will find pricing levels at Bahrain Financial harbour offer the most competitive and value for money for quality business premises throughout the region, providing a significant incentive to prospective financial organizations already here or considering setting up business in Bahrain.

The visionary development has structured its freehold sale and lease options around an ownership system called 'Strata-Titles', one of the first projects in the Gulf to use this system. The Strata Titles approach involves individual issue of titles for titles for common property that is then managed by a committee of unit owners, called a 'Body Corporate', a system already popular in London, Beirut and North America.

"The Strata-Title system is still a new concept in this part of the world and unique in that it gives individual owners a clear role, defined process and role on a committee to manage their investment, much like the way a normal business would be operated. This provides increased increased levels of transparency and decision making abilities in consultation with the developer, in this case BFH," said Mr Janahi.

The Financial Centre is Phase One of the Bahrain Financial harbour project and comprises three core components: The Dual Towers - two 53 storey towers offering office space for the financial sector; The Financial Mall - a unique retail environment catering specifically to the capital and retail financial markets, an The harbour House - a blend of work and leisure space offering facilities for media-based enterprises.
Saleh Al Nashwan, a Senior Official at Bahrain Financial Harbour says "We are in talks with, and have already secured a number of high profile local, regional and international tenants in The Financial Centre, including the Bahrain Stock Exchange, soon to establish their base in The Financial Mall. The commitment by the Bahrain Bourse demonstrates our ability to deliver the high-technology and specialized facilities required for institutions of this nature, which we are confident will also draw others from around the region."

Construction of the Financial Centre began in March this year, when after a rigorous tendering process, the contract was awarded to UAE-based Al hamad Contracting Company. The total project value of the Financial Centre is US$250 million. Due for completion in Q1 2007, the Financial Centre offers a combined total of 131,565m2 office space and 1,873m2 retail space, as well as close to 900 car parks for visitors, owners an tenants.
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Old October 12th, 2004, 09:44 PM   #5
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Financial Mall

Overview:

The Financial Mall takes the concept of a modern shopping mall and applies it to finance and ancillary activities. It will offer an array of finance related activities and services under one roof. Designed specifically for capital markets, it will house the Bahrain Stock Exchange as well as brokerage and trading firms. It will harbour a retail environment for finance and investment services firms such as stockbrokers, market makers, proprietary investment firms, futures commission merchants and options brokers as well as other exclusive retail outlets.


About the building:

Spread across over 78,000m², the Financial Mall is set to recreate the ambience of a convenience mall for financial products. It will host everything related to financial services, catering specifically to the capital and retail financial markets.


Capital Financial Market

The mainstay of all trading activity in Bahrain Financial Harbour, the Capital Financial Market will accommodate the following units:

Trading Hall
Clearing and Settlement House
Brokerage & Trading Firms
Interactive Corporate Windows

Retail Financial Market

The retail financial market will establish direct contact with the consumers, bolstering the entire shopping mall concept. It will be a one-stop shop for the following facilities:

Auction Hall
Consumer Financial Market
Retail Insurance Market
Information Technology Retail Market
Support & Logistics
Money Exchange Market
Exclusive Retail Outlets:

Unique retail spaces to cater to the needs of the Financial Centre tenants and visitors.

Distinct Architecture

The architecture of the Financial Mall reflects the openness of Bahrain's financial culture.

Elevated glass bridges connect the Financial Mall to the Harbour House and the neighbouring developments.
A diaphanous glazed dome above the trading floor allows natural light to filter in.
Glass covered atriums add to the feeling of openness.
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Old October 12th, 2004, 09:44 PM   #6
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Harbour House


Overview:

Directly linked to the Financial Mall via a suspended bridge, the Harbour House is poised to create the ultimate working space. It has been primarily set up for media-based enterprises such as Television and Satellite broadcasting stations, publishing houses or strategic marketing and media consultancies that will benefit from the financial-based businesses of Bahrain Financial Harbour. With the judicious combination of work and leisure space, the Harbour House is the ideal place for business parties to converge.


About the building:

Directly linked to the Financial Mall via a suspended bridge, the Harbour House is poised to create a unique working space and environment. Featuring a pleasing blend of work and leisure space, it provides the ideal space and facilities for media-based enterprises specializing in business, finance and investment


Key Beneficiaries

Television and Satellite broadcasting stations, publishing industries, strategic marketing and media consultancies will benefit the most from the financial-based businesses of Bahrain Financial Harbour.


Unique Leisure Environment

Situated directly on the watercourse, the Harbour House complements its professional work environment with excellent relaxation alternatives. Access to restaurants, boulevards, promenades, sea-front walkways, cafes, waterways. All form part of the Harbour House's theme of turning living into a lifestyle at the Bahrain Financial Harbour.
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Old October 13th, 2004, 01:02 AM   #7
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more renders:





Reception of BFH (pic courtesy of virtualtourist)


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Old October 13th, 2004, 01:06 AM   #8
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homepage is www.bfharbour.com
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Old October 13th, 2004, 07:44 AM   #9
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nice, n the skyline is different, looks very futuristic
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Old October 13th, 2004, 11:00 AM   #10
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Very very futurstic, i cant wait to see the project completed.
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Old October 13th, 2004, 01:10 PM   #11
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Awesome development indeed. The towers looks good, hope it becomes built...

Last edited by Þróndeimr; October 13th, 2004 at 11:25 PM.
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Old October 13th, 2004, 02:05 PM   #12
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Well the twin towers are already 10% built, dunno about the rest.
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Old October 13th, 2004, 02:08 PM   #13
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anyone able to get us some site pics of this huge project?
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Old October 13th, 2004, 05:11 PM   #14
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well here are some i took again before i left:

Reclamation of second phase


Phase one, now 3 floors are completed, here 3rd floor just started of the financial mall. Towers can't be seen, they're on the side. I'll post an article about the latest news.
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Old October 13th, 2004, 05:14 PM   #15
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Old pic, the ones i posted above are newer.


The $250 million (BD94.5 million) first phase of the Bahrain Financial Harbour (BFH) will be completed ahead of schedule, say contractors.

Sharjah-based Al Hamad Contracting Company has also reiterated its commitment to invest in more real estate development projects in Bahrain.

Chairman Nashat Sahawneh visited Bahrain to review progress of the BFH work.

Meanwhile, journalists from Bahrain were visiting the UAE to see Al Hamad's projects under construction at Dubai Marina, the hi-tech designs being developed at the headquarters in Sharjah and the carpentry, joinery and precast concrete factories in Ajman.

'Though we have projects valued at $3 billion (BD1.13 billion), including three of the 40 multi-storey towers of the Jumairah Beach Residence, we are giving special attention to the Bahrain project by adopting the most advanced building technology now available in the world,' said general manager-contracting Thamin Fakhoury.

'These include the post-tension technology which enhances the performance of the concrete.

'Currently, about 500 people are working on the project and it may increase to more than 1,000 during peak time.'

The total estimated project value for phase one, the Financial Centre, is $250 million.

It includes the development of the Dual Towers, Financial Mall and Harbour House.

'Though the completion date set for the projects was March 2007, we are confident that it would be completed ahead of schedule by end 2006,' said Fakhoury.

The Financial Mall work has reached the third-floor level and the eight-floor structure is scheduled for completion by February next year.

Ten per cent work on the Dual Towers have been completed.

'Foundation work is over and now we are casting slabs,' said Fakhoury.

Work on the Harbour House is still in the initial stages.

General manager-administration and finance Ezzat Sahawneh said the company was committed to the training and development of Bahraini engineers.

'Six Bahraini engineers have completed a four-month training in the UAE and are currently working on the BFH site,' he added.

'We are ready to train more Bahraini engineers if they are willing to be associated with this prestigious and challenging job.'

Sahawneh said BFH was one of the biggest projects undertaken by Al Hamad, which employs 7,000 people and has considerable years of experience in building high-rise state- of-the-art towers in the UAE.

Al Hamad has already appointed eight Bahraini sub-contracting firms which are now working on the site in Manama.

'As a Gulf-based company with an international affiliation, we are very excited at having the chance to work on such a high-profile global landmark development,' he added.

'Al Hamad is now seriously studying plans to make more investments in Bahrain.

'We shall be associated with the proposed Marriott Apartm-ents development in Bahrain and will be bidding for the second phase development of BFH.

Sahawney said Al Hamad was getting the whole-hearted support of the BFH team headed by chairman Esam Janahi, as well as the Bahrain government.

'We are also very happy with the investment regulations in Bahrain which encourage foreign companies to make investments in the Kingdom without any hesitation,' he added
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Old October 13th, 2004, 05:18 PM   #16
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in dubai they always are too optimistic with finsihing dates
hope it won't be like this in bahrain
but as not sooo much going on as in dubai i believe it will be finished in 2006
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Old October 13th, 2004, 06:20 PM   #17
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dubai lover, phase one they hope would finish in 2006, not the whole project. Phase one is the dual towers, financial mall and harbour house.
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Old October 13th, 2004, 11:39 PM   #18
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its great seeing this project really progressing nice and steady one of the major projects coming up in the GCC welll done bahrain
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Old October 13th, 2004, 11:48 PM   #19
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I think once this project is done it will give bahrain the seal stamp as the major financial hub of the region. There is strong competation from Dubai which is close in very fast. But i think bahrain is more established in banking, insurance, re-insurance, islamic banking, and financail constulting industries. Im really interested on where the Gulf montery agency which is coming online in a couple of years is going to be headquarterd. I heard AD wants to house it!
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Old October 13th, 2004, 11:52 PM   #20
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i think it's comparable to the difc project in dubai
but for bahrain this is the signature project
when people talk about bahrain's project, the first they'll mention is bfh
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