Albaraka Banking Group to build new HQ at Bahrain Bay

Published September 25th, 2007 - 08:18 GMT

Bahrain Bay Development B.S.C.(c) announced today that Albaraka Banking Group (ABG), the Bahrain based global Islamic bank, will build its new corporate headquarters at Bahrain Bay. Albaraka Banking Group will join Arcapita, a leading international investment firm also based in Bahrain, in choosing to locate its new headquarters in Bahrain Bay, a project which will see the creation of a vibrant metropolis in the heart of Manama.


On this occasion, Shaikh Saleh Abdulla Kamel, Chairman of Albaraka Banking Group said “ABG’s decision to select Bahrain Bay as an ideal location to build its headquarters stems from our strong belief in the importance of the Kingdom of Bahrain as a major international and regional Islamic banking and financial centre.


Mr. Adnan Ahmed Yousif, President and Chief Executive of Albaraka Banking Group, said, “We believe Bahrain Bay will be an excellent location for our new headquarters. We feel that Bahrain Bay fits our aspirations and philosophy perfectly.  It will provide us with a modern centre from which to continue to build a truly global Islamic banking service for the Arab World and Muslims worldwide. What also appealed to us very strongly was Bahrain Bay’s commitment to building a genuine community, where neighbourhoods will be created which will offer opportunity to all those who live and work within them.  Albaraka Banking Group is proud to be part of Bahrain Bay’s vision.” 


Bob Vincent, CEO of Bahrain Bay, said, “We are delighted that Albaraka Banking Group will be joining the Bahrain Bay community.  We intend Bahrain Bay to set a new standard for urban living in the region by creating a modern metropolis that will become the driving force of the redevelopment of Manama’s city waterfront.  Bahrain Bay will be a complete community filled with residents, businesses and visitors, living in and surrounded by stunning architecture.  With an increasing number of world leading companies investing in Bahrain Bay, what we have set out to create will serve as a symbol of Bahrain’s bright future.”


The latest investment in Bahrain Bay follows similar commitments by world leading businesses, such as The Four Seasons, which will build and operate a 220 room, 285m high premium hotel which will be based upon its own island.  Bahrain Bay will also include CapitaLand’s Raffles City Bahrain.  In addition, $150 million will be invested by a JV between Ajmera Group and Mayfair Housing, both major Indian property groups, to acquire land and develop one of the tallest residential buildings at Bahrain Bay.  Dalkia, the global energy leader, will also invest $150m in building a world class waste and energy services facility for Bahrain Bay.   

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