The formerly stalled $2.5bn (BD942.6mn) Bahrain Bay development now has 68 percent of its plots sold, with many of its third-party developer projects nearing completion, according to Bahrain Bay deputy chief executive Abdulla Al Doseri.
Al Doseri said the Four Seasons Hotel is expected to open before the end of the year and an international insurance company has chosen to set up its headquarters at the development, Gulf Daily News reported.
The announcement follows the master-planned development's participation in the 13th edition of the Cityscape Global exhibition in Dubai.
“Cityscape offers an excellent networking platform for business development and networking and through our participation we are seeking to update the real estate market on progress and new announcements,” he added.
Bahrain Bay is currently home to the completed Arcapita Bank building, and is seeing work on the Four Seasons Hotel, head offices of Al Baraka Banking Group, the spiral designed United Tower housing the Wyndham Grand Hotel, and the J W Marriott Hotel progress.
The development experienced significant problems following the 2008-2009 financial crisis which caused many investors to back-out of the project. Many of the development's projects had to be shelved as a result.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.