Bahrain Bay not held back by downturn

The US $2.5 billion Bahrain Bay Development in Manama.

The CEO behind the US $2.5 billion Bahrain Bay Development in Manama, announced that the project remains on track despite pressures from the current economic downturn.

Bob Vincent cited the company’s recent move to run power through one of its 66 KV substations as an important milestone in the development’s progress.

“The energisation of our electricity substation further demonstrates that Bahrain Bay remains on track,” he said in a statement released yesterday.

“Given the ambition of Bahrain Bay, we are focused on the long-term opportunity of the project and what it will offer to Bahrain in terms of positive social and economic impact.

“We remain committed to the vision of Bahrain Bay and we are confident that we will navigate the challenges of today’s financial environment to go on to create a waterfront community befitting of a 21st Century Bahrain.”

Earlier this week, the Singaporean developer Capitaland confirmed the tender for main construction of Raffles City Bahrain is being delayed “in light of the current economic challenges”.

Raffles City is a residential development located within the Bahrain Bay project.

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Vincent said 16 third party developers are involved in the project and a majority of the project’s land parcels have been sold.

The deck formwork of the Bahrain Residential Avenue Bridge has been completed and preparation work is underway for the installation of the post-tensioning cables.

Construction of the Manama High Street Bridge is now 80% complete, the statement said.

“We are encouraged by the progress of our third party developers and how effectively they are managing their projects in the current environment,” Vincent added.

“Developers across the world are taking the opportunity to reassess how best to implement projects now to harness opportunities, such as lower construction costs, resulting from the current economic situation.”

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