Major milestone

THE eagerly-awaited celebrations to commemorate the first significant milestone of Bahrain’s new financial centre did not disappoint the mass of on-lookers who flocked to watch a firework spectacle light up the night sky.

Prime Minister Shaikh Khalifa bin Salman Al Khalifa formally opened Phase I of the region’s first fully-integrated financial district, the $1.5 billion Bahrain Financial Harbour.
Last Wednesday evening’s fireworks display was part of a day-long formal opening ceremony attended by more than 350 of the world’s leading banking industry professionals, regulators and senior government officials from the kingdom, in addition to other local, regional and international dignitaries.
Furthermore, the event titled ‘Enterprising Bahrain’ included a high-profile conference titled the ‘Middle East Financial Services Summit’, held in association with the Financial Times Group, and a specially-themed evening event. 
But, for ordinary families, the most memorable event was the spectacularly-choreographed multi-media laser and fireworks show which artistically lit-up the entire harbour while bringing the iconic Harbour Towers into the spotlight.
Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj said: “The region is witnessing a significant change on all fronts – be it political, social and even economic.
“The financial sector in the region, of which Bahrain is a key driver, has also been undergoing a dramatic transformation, successfully emerging into a global financial centre. However, with the rapid growth being witnessed in the region the time is now ripe for the next big growth thrust in the sector, which currently is to some extent being limited by certain aspects of infrastructure and regulation.
“While, as the Central Bank of Bahrain, we are actively working on the regulation side in the kingdom, it is developments such as the Bahrain Financial Harbour that we believe would play a large role in addressing the issue of meeting the complex and constantly evolving infrastructure needs.”
BFH chairman Esam Janahi said: “Bahrain has over the last couple of decades successfully gained the reputation of being the financial hub of the Middle East, driven by the forward-looking and open market policies adopted by the kingdom’s dynamic leadership and government and backed by the world-class regulation through the CBB and the Bahrain Economic Development Board.
“We are confident that this milestone project will not just significantly impact the position and economy of the kingdom but would also create large-scale employment opportunities for the highly-educated and trained workforce of Bahrain,” Mr Janahi added.
The $1.5 billion BFH was conceived as an integrated financial city, coming up on the Manama Corniche. Spread over 380,000 square metres of prime seafront property, it aims at re-enforcing Bahrain’s position as the financial capital of the Middle East and further enhancing the attractiveness of the GCC as a whole for global financial sector players.
Phase I of the project ‘The Financial Centre’, which is also the main business district, includes the Harbour Towers – Bahrain’s tallest towers – and the Harbour Mall.
The Harbour Towers will provide prime office and commercial space for the financial services industry while the Harbour Mall will house high quality retail outlets and cafes, other leisure facilities as well as brokerage and trading firms.
Additionally, development of Phase II of the project, the $450 million Villamar @ the Harbour, which is also a key residential component, is well underway.
Elaborating on ‘Enterprising Bahrain’, BFH chief executive officer Stephen Rothel said: “I am delighted to say that every act in the official launch ceremony of the Bahrain Financial Harbour has been sourced from within the Kingdom of Bahrain. It is an incredible accolade for Bahrain’s performers to be able to put on a show of such quality and diversity – with the added passion in the performances that comes from knowing everyone involved in this historic occasion is representing their country.”
In addition to the light and fireworks display and the other acts, one of the most popular performances of the evening was by Bahrain’s Olympic gymnasts.
Elaborating on the ‘Middle East Financial Services’ event, Mr Rothel said: “With over 350 of the world’s leading banking professionals attending the event, the platform highlights the growing reputation of Bahrain as an international financial hub.”
Speakers and panelists at the event included high-profile and influential leaders of both the regional as well as international banking and financial service industry figureheads.