Cityscape Dubai 2006, the world’s largest international property investment and development event has witnessed substantial exhibitor growth from companies based in Bahrain, underscoring the robust health of the real estate sector in the Gulf Kingdom.
According to Group Development Director for Cityscape, Rohan Marwaha, “Overall, Bahrain-based companies now account for a total of 1,021 square metres, which is a 230 per cent increase, year-on-year. Their growth is indicative of the regional market and has contributed towards Cityscape’s enviable position as not only the world’s biggest b2b event, but the fastest growing and the most diverse in the property investment and development sector.”
Leading the marketing drive is Gulf Finance House (GFH) the Bahrain-based Islamic investment bank and a major player in the region’s real estate sector, who was the prime mover behind the Kingdom’s US$ 1.3 billion, Bahrain Financial Harbour development. Within the complex, this year has seen the launch of the US$450 million Villamar at the Harbour component – billed as Bahrain’s most exclusive residential complex and first waterfront residential development within the overall complex.
Due for completion in late 2010, the $1.5 billion Bahrain Bay, a joint venture between Arcapita Bank and a Bahrain-based investment group is progressing rapidly. CapitaLand Commercial and Integrated Development of Singapore have already announced plans to develop a $600 million residential and retail zone within the project.
The first phase of the mixed commercial project is underway, with 430,000 square metres of land reclamation and infrastructure development. The second phase will witness the construction of the Kingdom’s first Four Seasons Hotel and the new global headquarters building for Arcapita. The final phase will develop the residential, retail and commercial sub-projects.
Arcapita is also the catalyst behind Riffa Views, a master-planned, environmentally friendly residential complex with a commercial centre accommodating retailers, cafes and restaurants with a school, landscaped gardens, a spacious park and a golf course.
Off the south coast, a 21st century city resort is being developed for joint owners the Kingdom of Bahrain and Kuwait Finance House. The Durrat Al Bahrain will feature 13 different islands with more than 2,000 villas and 3,000 apartments, together with luxury hotels, a marina, golf course and retail space.
Linked to Manama by a new dual carriageway, Durrat Al Bahrain will be made up of outer “atoll islands” with open sea views, an inner ring of “petal islands” and the “crescent island” which will form the heart of the development.
Another high profile project on view will be the Bahrain World Trade Center (BWTC) for which DTZ has been appointed leasing and managing agent. The development consists of twin commercial towers, each 50 storeys high, a luxury shopping mall and a multi-storey car park.
When completed, the integrated, “smart” building will feature three turbines which will enable the building to generate up to 15 per cent of tenants’ electricity needs through wind energy. According to Claire Hughes, associate director for DTZ, the project features numerous unique design aspects.
“The BWTC is not only Bahrain’s first intelligent development, but has now also become one of the tallest towers in the kingdom and we feel that Cityscape Dubai is the appropriate platform to convey these messages.”
To date industry heavyweights, Emaar Properties, Nakheel, Tanmiyat Group, Aldar Properties, City of Arabia and Dar Al Arkan have signed up as platinum sponsors, with The Commercial Real Estate Co., Tameer and Saraya Holdings taking gold sponsor status. Silver sponsors include Sviluppo Lazio, Bahrain-based RealCAPITA and Mawared.
The three-day exhibition and conference attracts key investors, property developers, architects and designers amongst others. Cityscape Dubai 2006, as in previous years will feature the hugely successful Cityscape conference, which this year has over 75 internationally acclaimed speakers who will give over 25 presentations as well as dedicated workshops devoted to specific industry issues. The coveted Cityscape Architectural Review Awards will also be distributed during a glittering gala dinner, these international awards are keenly contested and the 300 entries received last year are sure to be surpassed this year.
