The official launch of the $2.5 billion Bahrain Bay Development, a joint venture between Arcapita Bank and a Bahrain-based investment group, was held on Tuesday.
A VIP event under the patronage of His Majesty King Hamad bin Isa Al Khalifa will be held on the Corniche in Manama to commemorate this milestone, according to Khaleej Times, while the event's guest of honour will be Shaikh Salman bin Hamad Al Khalifa, Crown Prince of the kingdom of Bahrain.
Overall, reclamation for the entire project is 75 per cent complete and at completion, the project will encompass a total of 423,000 sq m, while reclamation and piling is completed for the Four Seasons hotel, and for the Arcapita headquarters.
The Arcapita headquarters will be completed by 2008, the Four Seasons hotel will open in 2009 and Raffles City Bahrain is expected to open in 2010. The remainder of Bahrain Bay is scheduled for phased completion by 2011.
The launch will also announce the signing of final agreements with CapitaLand which is investing $630 million in the development under their Raffles City brand.