New maritime lifestyle

Plans have been unveiled by Global Banking Corporation, the Bahrain-based Islamic investment bank, for another innovative waterfront project in the kingdom.

Marsa Al Seef aims to be a celebration of maritime lifestyle with world-class amenities and boasting an 'unprecedented blend' of unique residential, leisure, retail and entertainment facilities for residents and visitors alike.

Abdul Rahman Mohammed Al Jasmi, vice-chairman and managing director at GBCORP and chairman of Marsa Al Seef, said: "The launch of Marsa Al Seef, comes after GBCORP's robust year end results and is a reaffirmation and recognition of our business strategies and a strong reflection of GBCORP's market standing.

"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.

"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."

The development is located on Bahrain's northern coast and covers an area of approximately 26 million square feet. Its swift access to major business centres, the Bahrain International Airport and the Saudi Causeway is another 'significant facet' to an eminently desirable setting, the backers say.

Mr Al Jasmi also said that the project is aimed at a 'very elite target audience' and will bring to the fore design elements of the highest standards featuring world-class amenities and a lifestyle character in tune with the distinctive and demanding tastes of the clientele.

The project offers investors an opportunity to be a part of a development that addresses niche market demands.

"Bahrain's property market has been enjoying a decade of exponential growth though many experts feared that its reliance on the banking sector, limited oil revenues and property would mean that the global financial downturn would have a negative effect.

"However, Bahrain is so far proving resilient and 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 added.

Integrating the world's leading theme companies, marina operators and service providers, Marsa Al Seef is conceived as an ultimate family destination and will build on Bahrain's formidable strengths as a country with a stable investment environment and cosmopolitan, multi-cultural lifestyle.

Ahmed Al Khan, head of investment banking, emphasised that by strictly adhering to the Central Bank of Bahrain's regulatory policies, GBCORP has been able to withstand the current market upheaval.

"GBCORP is actively pursuing several investment avenues that will add great value to our portfolio of Shariah compliant services and benefit our highly valued investors. We understand the challenges in the market and we have the right business fundamentals to address the market needs," he added.