Plans for the $2.5bn Bahrain Bay Development waterfront development in Manama have not been derailed by the global economic crisis, the CEO of the project has said.
The waterfront community recently began operating one of its 66 kilovolt power substations to cater for the development’s electricity needs, Bob Vincent, CEO of Bahrain Bay, said.
Sixteen third party developers were on board the development, with the majority of the scheme’s land parcels already sold, Bahrain Bay Development, the company behind the project said in a statement.
The deck formwork of the Bahrain Residential Avenue Bridge had been completed, with preparations underway for the installation of the post-tensioning cables. Work on the platform for the Manama High Street Bridge was now 80 percent complete.
Several of the third party developers had already started on the initial stages of their own projects, with Arcapita Bank, the lead investor in the development, commencing the installation of its curtain walls, having completed its structural frame along with concreting works.
Thirteen of the third party developers had now completed the due diligence work on their projects, with several signed off on designs and expected to start construction later this year.
Bahrain Bay Development is a joint venture between Arcapita Bank and a Bahrain-based investment group.