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Home / NEWS / Bahrain Bay on course to complete within 10 to 12 years, says CEO

Bahrain Bay on course to complete within 10 to 12 years, says CEO

by James Morgan on Nov 23, 2017


Bahrain Bay is on course to complete within the next 10 to 12 years, according to Gagan Suri (above).
Bahrain Bay is on course to complete within the next 10 to 12 years, according to Gagan Suri (above).

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Bahrain Bay is on course to complete within the next 10 to 12 years, according to Gagan Suri, chief executive officer of the development.

The $2.5bn (BHD950) master-planned community is being developed on 43ha of reclaimed land next to Bahrain’s capital city, Manama.

While reclamation works for Bahrain Bay commenced in 2006, a series of subsequent economic challenges served to hamper the island megaproject’s rate of development.

Commenting on the development history of the community during an interview with Construction Week, Suri said that had the region’s economic climate remained positive, Bahrain Bay would have been close to completion by now.

READ: Bahrain: $66m Hilton Bahrain Bay to open in 2020

“Ideally speaking, if the GCC markets had held up, if the world markets had held up, and if the collapse had not happened, Bahrain Bay – as of today – would have been close to completion,” said Suri.

“Obviously, that wasn’t the case. We had the credit crisis, then we had the GCC crisis, then we had oil issues, and there were additional challenges. All of these factors contributed to where we are today.”

Despite historic setbacks, Suri told Construction Week that 2017 has been an extremely productive year for the community, with recent project completions such as Phase 1 of The Avenues – Bahrain, and CIH Tower, which is home to the Wyndham Grand Manama hotel.

“At present, approximately 18% of Bahrain Bay is complete,” he revealed. “An additional 10% is currently being developed by Bin Faqeeh, so that puts us close to 30% [either complete or under construction].

“AXA Insurance is in the process of building its regional headquarters,” Suri adds. “NSCC was appointed as the enabling works contractor for this project, and commenced work on its package in Q2 2017. In addition, Wafra Real Estate, Ajmera Realty & Infra, and Nama International Real Estate all plan to begin work on their developments in Q1 2018.”

Once the projects of Bin Faqeeh, Wafra Real Estate, Ajmera Realty & Infra, and Nama International Real Estate are complete, Bahrain Bay will be close to the halfway mark, Suri noted.

In terms of the community’s overall completion, he added: “I would say that, given the number of plots still left undeveloped, we’re looking at between 10 and 12 more years. Bahrain Bay is a [huge] project; there’s a heck of a lot of inventory. Given that [regional economies] are slowing down, it’s not going to happen [overnight]. It will happen, but over a total period of approximately 20 years.”



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