Bob’s baywatch

Land reclamation work for the $2.5 billion (BD942 million) Bahrain Bay Development will soon be completed.

The main components of the project will be the Arcapita Bank headquarters and the Four Seasons Hotel, which will be completed in 2009.
Bahrain Bay Development chief executive Bob Vincent, writes  for Gulf Weekly to put our readers in the picture about the massive development project in the heart of Manama and tells how he came to play such a significant role in the kingdom …

Six months ago, I was living in my native country Australia and leading a series of teams responsible for a number of projects; each of them at different stages of their commercial development timeframe and each in      different cities.
They were diversified projects of large-scale incorporating complex planning, design and approval processes and pushing the envelope of urban development principles.
It was something of an expertise that I had grown into, after spending a large part of my professional life living and working around the world in the real estate development and investment industry.
 It was within this context that I was offered the opportunity to move to Bahrain as chief executive for Bahrain Bay Development.
From the start, it looked to me like a very appealing project – credible backers, globally-respected partners, realistic project proportions, interesting geographic location within an ever more dynamic region and an impressive level of commitment to the quality of the masterplan. 
Six very rewarding months later, I reflect on the fortune that brought me to live in Bahrain, to be part of an original project that is developing so rapidly and positively, and that is set to be another important piece in the development of Bahrain, in keeping with its established position as an important and popular base for financial businesses of all types within the GCC.
Bahrain Bay has proven attractive to investors and developers since it was first announced. 
There has been a strong response from the GCC, from investors familiar with the region, and with Bahrain’s attractions as an investment location.
What has been particularly gratifying is how much interest – and signed commitment – has come from outside the region, from well-respected organisations that are making their very first investments or commitments within the GCC. 
This is hard evidence of the wider belief in Bahrain as an investment location, as well as in Bahrain Bay as an exciting project within Bahrain. 
CapitaLand, one of Asia’s largest and most successful developers, has committed a $650 million fund to develop Raffles City Bahrain within the project; Dalkia, the leading European energy services provider, is using Bahrain Bay as its springboard into the region; Ajmera Group, a major Indian developer with substantial interests in Mumbai, for whom Bahrain Bay represents their first investment anywhere outside India.  And there are several other parties, from Germany, from France, from the UK, with whom we are actively progressing with already well-developed discussions.
 Bahrain itself is, of course, an important component of the appeal of Bahrain Bay to developers and investors, who unsurprisingly look with care at all the alternatives in the GCC before making commitments for their investment portfolios. 
From our discussions with investors, it is clear that whilst there are individual features of other cities in the region that might be more appealing, taken as a whole, Bahrain’s roster of well developed legal system, regulatory environment, economic growth,  stability, culture, tradition and standard of living represents an attractive combination for demanding investors.
 We still have a long way to go before Bahrain Bay becomes a new landmark on the North Manama causeway, but to date, we are ahead of schedule on the reclamation, and we have completed piling for both the Arcapita headquarters, and for the Four Seasons Hotel. 
We expect Raffles City Bahrain to begin ground preparation before the end of the year, and that phased completion of the development will start during 2009, with the opening of the Arcapita headquarters. 
We also enjoy very good relationships with the many government ministries with whom we work closely across many elements of the project, and whose support and assistance are further evidence of the common desire within Bahrain to be a prominent and dynamic part of this fast developing region.
 Bahrain Bay is a landscape changing project – and I’m excited to be part of it.