With the latest announcement of construction work on the Four Seasons Hotel located at Bahrain Bay - the country's highest-profile, master-planned $2.5 billion waterfront community - the Kingdom of Bahrain has indicated fresh hope in the nation's jobs and real estate sectors.
The 5-star hotel's commitment to complete construction by April 2014 is expected to bring new employment, capital, and hope to some of Bahrain's main industries.
"The project is predicted to result in direct and indirect economic benefits for Bahrain of approximately BD300 million over the next five to seven years, which not only has obvious beneficial fiscal effects, but also has obvious beneficial fiscal effects," Bob Vincent, CEO of Bahrain Bay Growth, who will be coordinating the project's implementation, tells World Property Channel. iphone installment plan qatar
The Four Seasons Hotel at Bahrain Bay, the newest addition to the five-star chain's prestigious portfolio of international properties, would support Bahrain's workforce, according to Vincent. "The start of the main contract for the Four Seasons Bahrain Bay is seen as a significant commitment to reviving construction in Bahrain and introducing a new emphasis to real estate lending by local banks," Vincent said. "In addition, the flow-on effects of more than 2,000 construction jobs, involvement by local Bahrain subcontractors and suppliers during the production, and more than 700 permanent jobs will all help to demonstrate a turnaround in the Bahrain economy," says the statement.
The hotel complex, which stands 201 meters tall with 50 floors and 263 rooms, is expected to boost Bahrain's hospitality credentials and set a new standard in luxury accommodation. The project has been planned to lead Bahrain's hotel offerings into a new age, with five-star spa and leisure facilities, a suspended 'Sky Pod' restaurant, first-class banqueting and conferencing capabilities, four fine dining outlets, and panoramic views for guestrooms and suites. The Bahrain Bay management team will oversee the project's execution, ensuring that the hotel's construction reflects the same cutting-edge contemporary design and project management efficiency that has established Bahrain Bay as the country's most prominent waterfront city.
Bahrain Bay, located off the north-east coast of the capital Manama, is the country's first master-planned mixed-use waterfront community. The master plan for the $2.5 billion development was developed by Skidmore, Owings & Merrill of New York, and it was planned to create a combination of residential, industrial, retail, tourism, community services, and public amenities. Four Seasons Bahrain, Arcapita Headquarters, and Raffles City Bahrain are the three anchor developments, representing the global benchmark the project is setting for the Kingdom. It began in 2006 and has seen steady development, with 65 percent of the land parcels already sold. It will be completed in stages, with the first phases beginning in 2012.