GBCORP announces huge Bahrain housing project

GBCORP vice chairman and managing director Abdul Rahman Mohammed Al Jasmi said the launch of the flagship project comes after robust year end results.

Bahrain’s Global Banking Corporation (GBCORP) has revealed plans to build a massive residential project on the northern coast of the Kingdom.

Marsa Al Seef will cover 2.4 million m2 and include an “unprecedented blend of unique residential, leisure, retail and entertainment opportunities”, the company said in a statement released today.

GBCORP representatives are so far remaining tight-lipped about further details. However, a spokesperson told Construction Week the project would involve some land reclamation.

GBCORP vice chairman and managing director Abdul Rahman Mohammed Al Jasmi said the launch of this flagship project comes after robust year end results.

“Despite very challenging market trends Marsa Al Seef has won the confidence of institutional and individual investors, who have found value in the project and expressed faith in GBCORP as the project’s fund manager, financial advisor and placement agent,” he said.

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“Added to this is the fact that Bahrain as a business and tourist destination, continues to attract potential investors due to the vision of the country’s leaders in ensuring transparency and adopting business friendly policies, legal jurisprudence and strong regulatory guidelines from the Central Bank of Bahrain.”

Al Jasmi added that Bahrain real estate has so far defied the global financial downturn.

“The current global downtrend in real estate is yet to have a significant impact on Bahrain, though as a positive measure there has been a property price correction, bringing down the development costs too,” he said.

GBCORP is an Islamic investment bank incorporated in Bahrain in June 2007.

The company is primarily focused on the areas of private equity, real estate and infrastructure development, energy, asset management, advisory services in corporate finance, capital markets and portfolio management services.