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THE developer of a waterfront community being created off the north shore of Manama says its ongoing commitment to 'the economic Vision 2030 for Bahrain' will see the development invest a total of $5 billion (BD1.87 billion) into the national economy.
Bahrain Bay aims to become one of the kingdom's leading residential and commercial communities with 30,000 people expected to live and work there.
Bob Vincent, CEO of Bahrain Bay, said: "With the launch and implementation of the Economic Vision 2030 and the National Economic Strategy, Bahrain is seeking to deliver one of the boldest economic strategies in the region. Bahrain is aiming to not only address development and planning issues, but also to shape the future direction of economic, governmental and societal progress to support the development of the national economy."
Despite the difficult economic conditions of 2009, Mr Vincent says Bahrain Bay has remained on track and on budget with key milestones being met throughout the year.
As the master developer, Bahrain Bay is not only creating the land for investors but also the infrastructure to support the individual projects and the permanent community.
To date, the project has invested more than $230 million in physical infrastructure and utilities. This includes the first two 66kv power stations which have been handed back to the government. A further two 66kv stations for a total cost of $44 million are nearing completion.
By the time the project is completed Bahrain Bay will also have spent approximately $50 million on the beautification of the public spaces and waterfront areas.
Bahrain Bay will also be building three mosques in the project costing approximately $25 million.
