News   

   2011
   
 

At a cost of US$ 100 million Construction of Al Baraka Banking Group Headquarter in the Bahrain Bay Goes According to Plan

 

The President & Chief Executive of Al Baraka Banking Group Mr. Adnan Ahmed Yousif accompanied by members of the executive management of the Group visited yesterday the site of the Group Headquarter in Bahrain Bay, where He inspected the construction of the building, which being carried out in accordance with the timetable agreed upon with the main contractor for the project. Mr. Adnan also was given a detailed explanation of construction works, which are going with ease due to the availability of all facilities offered by the concerned government bodies in the Kingdom, as well as the atmosphere of stability and security enjoyed by the Kingdom.


On this occasion, Mr. Adnan Ahmed Yousif said: "We are very pleased for what we have seen today of the great efforts for the construction of this distinctive and unique of its kind architectural edifice, which is estimated to cost about U.S. $ 100 million. Such efforts were not possible without the availability of  atmosphere of stability and security in the Kingdom of Bahrain, in addition to the many facilities  offered by the concerned official bodies, and full confidence in the performance of the national economy in the short and long term, all of which are factors that strengthen the confidence of major financial institutions in the Kingdom, and stimulated them to move forward in the implementation of their vital projects, which no doubt will have  many positive repercussions on economic development in Bahrain. "

Mr. Yousif said "Our insistence to establish the Headquarter of Al Baraka Banking Group in accordance with the plan scheduled by the Group clearly emphasizes our determination to continue the outstanding performance that characterized the Group during the past years, even in light of the global economic crisis, which refers to the safety and solidity of Group strategies at all levels."

Mr. Yousif added that "the new Headquarter of Al Baraka Banking Group is designed to meet the present and future needs of the Group. The choice of the Bahrain Bay for the construction of its headquarters stems from the belief of the vital importance enjoyed by the Kingdom of Bahrain as a financial and Islamic banking center both regionally and globally. This important contract embodies a dream for us to see the new headquarters of the Group constructed on latest architectural style in one of the largest development project in the heart of the Bahraini capital Manama, and therefore, the site will support the requirements for success of Al Baraka Banking Group, regionally and globally and, it is consistent with our future goals and aspirations.”
 
Brief Introduction to the Project
 
In January 2011, Al Baraka Banking Group BSC. (ABG) awarded the contract for the construction of the Group Headquarter located in Bahrain Bay, to Arabtec Construction Company which is one of the largest contracting company in the Arab world.

The New Head Office Building for Al Baraka Banking Group is located in Bahrain Bay, which is strategically located in Bahrain. The site is centrally located in a country that is experiencing an inspiring new legacy in the inspired destination Bahrain Bay. Composed of two Office Tower (Building A & B) will have approximately 9 levels above ground plus a mezzanine level, with an approximate Gross Floor Area (GFA) of 22,221m² in addition to four basement levels with an approximate GFA of 16,318m² for 365 carparks and facilities. The Gross Development Area (GDA) is 38,540m² for the entire project of total 14 floors.
 
The two towers are joined by a Podium and Ground Plaza level, while the upper floors are link by a bridge way. On top of the podium the building complex is divided in two office towers: tower A designed for lease and tower B, the head quarter of ABG bank.
 
 
The Office Tower will comprise administrative offices for executives, technical employees and administrators. The podium levels consists of banking, retail, and a VIP reception area.                         
Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain Bourse and Nasdaq Dubai. It is a leading international Islamic bank with Standard and Poors long term and short-term credit ratings of BBB- stable and A3 respectively. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.8 billion.

The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in thirteen countries, which in turn provide their services through more than 376 branches. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank – Bahrain, Al Baraka Bank Pakistan Limited, Al Baraka Bank Algeria, Al Baraka Bank Sudan, Al Baraka Bank Ltd - South Africa, Al Baraka Bank Lebanon, Al Baraka Bank Tunis, Al Baraka Bank Egypt, Al Baraka Turk Participation Bank, Al Baraka Bank Syria, representative offices in Indonesia and in Libya (under formation).

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