BizBahrain November 2016

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Special Feature in the face of global and regional uncertainties. Continued investment, especially in large-scale infrastructure, supported by the US$10-billion GCC Development Fund, and the multibillion-dollar Bahrain Airport expansion, as well as the realistic expansion of affordable government and social housing schemes further supports and demonstrates the resilience of the sector. The main funding priorities of the projects funded to date are Housing (USD2.1bn), Electricity and Water (USD1.3bn), the Airport (USD1bn), and Roads (USD0.7bn).The airport project is designed to increase the capacity of the facility 4 times to 14mn passengers a year. The terminal project was awarded to a joint venture of the UAE-based Arabtec and Turkey’s TAV in January and completion is expected in 2020. Bahrain's commercial landscape and the retail and hospitality sectors though affected by the general slow down, appear to have entered a confident chapter, underpinned by improving levels of investor confidence. The cumulative effect of this improved sentiment has meant more regional and international investors with a view to re-initiate prospects that were previously put on hold. With a respectable growth of seven percent achieved in the first half of 2015 and the effects trickling down into 2016, a number of new projects were launched across all real estate asset classes, notably in the retail, hospitality and residential sectors. Stalled residential projects such as Villa Mar, Marina West and the last stage of Riffa Views have seen resumption of work. International retailers are also entering independently and into the emerging retail projects in Bahrain such as Dragon City in Diyar Al Muharraq and the upscale Avenues Mall. Market leaders, Bin Faqeeh Real Estate Investment Company is starting work on its new Layan mixed-use project. The first of its kind residential waterpark, the project offers a variety of apartments as well as penthouses and villas. Most exciting and current on their pipeline is a special 465-villa project at Diyar Al Muharraq - Al Sidra project. Gulf Finance House has begun the site preparation work at the Harbour Row Development.The USD150mn mixed-use landmark project located within the Bahrain Financial Harbour area is expected to compromise of luxury residential units as well as commercial promenade. The retail market continues to dominate real estate activity in Bahrain, with Q4 2015/Q1 2016 witnessing several significant openings and new announcements. Kuwait Finance House and Mabanee Real Estate Company in February signed a memorandum of understanding which funds the USD94mn Avenues- Bahrain project over a one-year period.The new shopping complex, located in Bahrain Bay, is expected to open in the first quarter of 2017. Significant Retail openings in 2016 include Galleria in Zinj, a Dadabhai project featuring over 42,000 sqm GLA, closely followed by the US$ 40 million Wadi AL Sail retail mall in Riffa anchored by Geant. Community malls serving new residential districts continue to emerge as a dominant theme in New Janabiya where no less than four separate malls are under development or planned. The 5,000 sqm Al Mercado anchored by Al Osra supermarket is under way, and three projects totaling nearly 50,000 sqm of leasable space are being considered. Funded through a USD266mn grant from the late King Abdulla bin Abdulaziz Al Saud, the King Abdulla Medical City is expected to break ground by the end of 2016.Tendering for the project will begin after the completion of designs. The project, located in the south of the island, is designed by SaudConsult and will be operated by the Arabian Gulf University. Phase 1 of the project will include a 300-bed hospital, staff housing, and mini shopping mall and is expected to begin in 2017.The hospital is expected to open by 2019. GDP 2.9% 2.8% 3.7% 2.4% 2.8% 4.5% 2.5% Source: Information & e-Government Authority BAHRAIN, A COVETED DESTINATION • Strategically located in the heart of the Gulf • Rich cultural heritageunique to the region • Wide range of projects in early development • Host to many world-class travel & tourism brands • Significant visitor attractions, with potential for greater choice • Excellent infrastructure, with ongoing investment • Open business environment-easy set-up, low costs • 100% repatriation of capital, dividends and profits 2015 2016 YoY growth Annual Q1 Q2 Q3 Q4 Q1 Q2 Construction 6.4% 7.7% 6.4% 4.9% 6.8% 5.4% 5.9% Hotels & Restaurants 3% 5% 1.4% 4.1% 1.7% 1.5% 1.1% Real Est. & Bus. Act. 2.8% 3.8% 3.7% 1.7% 1.9% 0.5% 1.8% 16 November 2016
Special Feature GFH currently has a number of new and very noteworthy projects. Among these are the Group’s Harbour Row residential project and the adjoining Harbour North commercial and retail area. Harbour Row Residences will comprise six buildings in total and 450 residential units supported by full leisure and commercial facilities being developed in the adjacent planned Harbour North project located in the prime waterfront areas of the Bahrain Financial Harbour (BFH). These projects will provide access to the public to sea-front boardwalks and allow visitors and residents to enjoy indoor and outdoor cafes, restaurants, and boutique retail shops adding to the vibrancy of the area and supporting further economic and tourism growth in Bahrain. Another notable project under development is California Village, a mixed-use development spanning over 1.2 million sqft (112,127 sqm) in Dubai. The project features a residential community with a full range of amenities. California Village is a gated community and will be comprised of two key components: one is California Residences with a total of 234 distinctive villas and town houses and the other is California Heights offering 150 units across two apartment buildings. It is strategically located 10 minutes due east from Dubai’s vibrant Business Bay area. Majed Al Khan CEO, Gulf Finance House Real Estate The USD 1.6bn Dilmunia at Bahrain Island announced the completion of its first Phase of Infrastructure Works in Q1 2016, and the commencement of Phase II Infrastructure Works in Q2 2016.The First residential units on the Island are expected to be handed over to end users within 2016, while four other projects within Dilmunia are currently under construction. Diyar al Muharraq expects its USD3bn Marassi al Bahrain development to have its first residents within two years. The project is being developed in a joint venture with UAEbased Eagle Hills. The first phase of the project is projected to cost USD1.2bn and will include 480 seafront apartments, a shopping complex, and luxury hotels built by The Address Hotels and Resorts. The first Housing PPP Project between Naseej, a Bahraini Developer and the Ministry of Housing of the Government of Bahrain (a BD 140 million project) continues to progress, proving to be viable model for social housing procurement in the region, with its first units handover expected within 2016. We are fortunate to have a substantial land bank in the most desirable areas of Bahrain like Amwaj Islands, Juffair and Adliya, so we are unaffected by fluctuating land prices as land acquisition should always be viewed as a medium to long term investment. The drop in oil prices has a positive effect on the construction industry as the costs of commodities like cement and steel are reduced and import costs are less due to lower shipping costs. We are building today using internationally branded products at development costs below those we experienced since 2005. The continued stability and growth of the country under the leadership of His Majesty King Hamad bin Isa Al Khalifa further supports investment confidence by Bahraini's and Expats alike. Tilal Towers Pentacom Management According to the recently published InterNations Expat Insider Survey 2015, Bahrain ranked highest of the Gulf countries for lifestyle, affordable cost of living and educational facilities, at 17th globally ahead of the UAE, 19th and Oman, 24th. With such high ratings to support, opportunities have abounded in the compound villa sector with strong occupancy levels in areas popular with expatriates, especially those with good access to the Saudi Causeway and popular schools. Amwaj Islands, upholding its reputation as a popular lifestyle destination is emerging from a static period with an increase in construction activity in the residential sector. The new Investor Protection Law in Bahrain, which came into force in January this year, will prohibit main and sub-developers from promoting any off-plan sale of property units without government approval being obtained. The law also includes substantive guarantees to protect investors from improper planning causing completion delays, fund mismanagement, and force majeure. BAHRAIN’S WORLD-CLASS MIXED-USE PROJECTS Bahrain Bay Reef Islands Dilmunia Diyar Al-Muharraq Amwaj Islands Riffa Views Hawar Island Bahrain Financial Harbour Durrat Al Bahrain Water Garden City November 2016 17
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BizBahrain November 2016

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