Bahrain Bay Development B.S.C.(c) announced today that it has signed an agreement with Ahli United Bank B.S.C. over the provision of a $150 million 2.5 year murabaha facility to fund the infrastructure development phase of Bahrain Bay.
The funds will be used for the completion of reclamation and earthworks, and the construction of all aspects of the infrastructure, such as roads, electricity, communications, water, cooling and waste management.
The agreement was signed by Bob Vincent, CEO of Bahrain Bay and Keith Gale, Deputy Group Chief Executive Officer of Ahli United Bank.
Mr Gale commented “We view Bahrain Bay as an innovative project in the region and we are pleased to be providing the entire funding requirements for this stage of its development.”
Mr Vincent added “We are grateful for the commitment shown by Ahli United Bank to Bahrain Bay. It is rewarding to be working closely alongside a leading institution which is demonstrating this high level of commitment to the project and the local community.”
With over 85% of the reclamation complete, infrastructure development for the project is well underway and substantial completion of civil engineering is expected by the middle of 2007. Piling for the first two sub-projects, the Four Seasons Hotel and the Arcapita HQ, is complete, and foundations are under construction. Completion of the first buildings in Bahrain Bay is expected in 2009.