September 08, 2015
Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said: “We are very pleased to be participating at this year’s Cityscape Global event in Dubai. The Kingdom will be showcasing a number of leading developments worth around $10 billion to the international investors who will be part of this event.
“Recent developments in Bahrain’s real estate sector indicate that the sector is picking up, and that the construction sector grew by around seven per cent in 2014. Furthermore, we are pleased to see the rapid growth in the tourism sector; the hotels and restaurants sector achieved growth of almost ten per cent in 2014, and visitor numbers into the Kingdom reached over 10 million for the year.”
During the event Bahrain Bay, the $2.5 billion waterfront district located in the heart of Manama, will announce a new investor. Bin Faqeeh Real Estate Investment Company has purchased three land parcels for its new residential complex project titled ‘Water Bay’, which will be the first residential complex in Bahrain Bay. Water Bay will feature three distinct 10-storey residences with around 600 luxury apartments and a retail floor. The construction will start later in 2015 and the project is scheduled for completion in 2017. The delegation from Bahrain Bay will also be highlighting specific investment opportunities with an emphasis on the South Marina Waterfront District, a waterfront precinct designed around vibrant neighbourhoods of residential, apart-hotel and retail spaces.
Bahrain Bay Development CEO, Mr Gagan Suri welcomed Bin Faqeeh Real Estate Investment adding, “We are delighted to welcome Bin Faqeeh, one of the Kingdom’s leading real estate developers, amongst our investors in Bahrain Bay. This latest announcement strengthens Bahrain Bay’s position as an iconic landmark that will add value to the legacy, the community and the future generation of Bahrain.”
Diyar Al Muharraq is a USD $3.18 billion complete real estate project surrounded by 40 kilometers of waterfront and beaches, making it longest waterfront in Bahrain. It comprises 7 islands with a total of 12 square kilometers of reclaimed land, and a mixed-use urban residential development creating a community that embraces the social and cultural fabric of the country. It will offer a high quality lifestyle with the most modern facilities and infrastructure, with close links to the heritage and vibrancy of the Kingdom, and will hold a number of architectural landmarks for visitors, reflecting the openness and cultural richness of Bahrain. It also incorporates a number of residential and commercial properties that meet both personal and investment interests and needs.
Dr. Maher Al Shaer, CEO of Diyar Al Muharraq said: “Cityscape has provided us with a valuable opportunity to showcase the progress and vision of Diyar Al Muharraq to a larger regional audience. With a strong backbone of farsighted policies and strategies carefully crafted to meet the requirements of the various segments of society, Diyar Al Muharraq has been committed to the success of the sector. We are aware of how vital our industry is to the progress of the economy and to the national infrastructure and we have consequently left no avenue unexplored whereby we can make a strong statement and showcase the industry in the GCC region. Cityscape Global Dubai 2015 has provided a tremendous opportunity to meet with others in the industry and to interact directly with a wider public audience.”
The $6 billion Durrat Al Bahrain development is a joint development owned by the government of Bahrain and Kuwait Finance House (Bahrain). Located on the south coast of Bahrain, this 21 square kilometres master development will offer more than 1,500 beachfront villas, 3,600 executive apartments and offices, luxury hotels and spa resorts, parks and entertainment precincts, mosques and international schools, premier retail malls and restaurants, as well as “Durrat Marina”. The $1.3 billion marina will cover an area of 700,000 square metres, provide berthing space for 400 boats and yachts. It will also host the Ras Al Barr Development, which is located to the south of Durrat Al Bahrain resort. The development will offer a range of waterfront housing options, themed hotels, retail and souqs, public waterfront and beaches, as well as community facilities, schools, parklands, and sport facilities.
Mr. Mahmood Ahmed Abdulrahman, the CEO of Durrat Al Bahrain, said: “This event is taking place at an important time for the region, with the real estate market in particular experiencing positive growth. Cityscape presents an opportunity for us to showcase future projects in Durrat Al Bahrain, including the high-end residential villa developments on Murjan 5 and 6 islands, and the Crescent Island, which constitutes the commercial hub of the island community. It will contain commercial complexes, residential towers and offices, which offer important new infrastructure options to the south of the island.
Manara Developments Company will be showcasing its $200 million major industrial zone development “Investment Gateway – Bahrain”. The 601,000 square metres project is located between Bahrain International Airport, Salman Industrial Area and the expressway linking to Mina Salman. Ninety per cent of the first phase-listed plots have been already sold.
Also exhibiting at Cityscape is Albilad Real Estate Investment Co. WL, the master developer of the Water Garden City, a mixed-use development along the northern coastline of Manama. The development comprises a marina, beach, gardens, marina promenade with waterfront fine dining restaurants, together with luxury duplexes, apartments, four hotels, and some offices.
Bahrain’s real estate market has experienced substantial growth over the last decade with total stock increasing from 200,000 square metres in 2000 to 536,000 square metres in 2010. Growth has been predominantly driven by strong population growth, increased domestic disposable income, and greater demand from Saudi Arabia and other GCC countries.
In 2014, the number of real estate transactions in Bahrain increased by 50% compared to 2013. Data from the Survey and Land Registration Bureau showed that the total value of transactions in 2014 was $3.44 billion.
According the Bahrain Economic Quarterly, in the first quarter of 2015, the construction sector achieved year-on-year growth of 7.5% and the hotels and restaurants sector achieved year-on-year growth of 3.5% (http://www.bahrainedb.com/en/EDBDocuments/BEQ-June-2015.PDF).