Bahrain_Financial_Harbour

Bahrain Financial Harbour (BFH) – Kingdom of Bahrain In the past years, Bahrain has earned itself a prosperous reputation among its neighboring countries in the Middle East and all around the world. According to the Gulf Daily News (GDN), Bahrain was recognized to be the world’s fastest growing financial centre based to the third edition of the Global Financial Centres index (2010).However, considering these aspects and the country’s strategic location, Bahrain has emerged investments to its land which has inevitably gained it the character to be the financial capital of the Middle East district and gave it a very strong economic fundamental. This essay highlights a $1.5bn project; the Bahrain Financial Harbour (BFH) which its foundation stone was laid in 2002, construction started in 2004 and was completed 5 years later. This project has contributed significantly to the economy as a whole, and created a new face for trading opening the sea front for foreign exchange which will aid to the rise of the country’s GDP. Present function and use The BFH project aimed in re-enforcing Bahrain posture to be the financial capital stated the world finance (2008). Bahrain used the help of its local resources to design the structure of the BFH, Ahmed Janahi Architects, the building consisted of dual skyscraping towers, right and left that includes the following. * High class office and residential areas, * Health and educational facilities * A Beach resort that’ sets on its own private island * A Dhow harbour to replace the previous harbour of Mina Salman * Retails and leisure facilities on site of around 41 hectares of space, etc. With so much facilities and quality induced, AJ has succeeded in designing a fulfilling project that would create an overwhelming environment which would be suitable to accommodate a numerous functions that will enhance the attractiveness of Gulf Co-operation Council nations for global financial sectors. (A J Architects, 2007) Recently, the Middle East economies have been trying to reduce their dependance on petro-dollars including Bahrain. Such diversity gave rise to Islamic Finance which counts as one the world’s fastest growing sectors in financialism. Furthermore, BFH has also created a focused ‘Financial District’ in the area, creating a new word class waterfront development which is counted to be the first of its kind in the Middle East (world finance, 2008). Appraisal of BFH architecture and its appropriateness of its form According to GDN, Al Hamad Contacting Company won a deal of $380m to construct the Villamar at the Harbour, which the first residential component. Villamar is equipped with high-tech technological features such as next generation security systems and automated covered-walkway that is designed to shield tenants from the harsh summer weather in Bahrain (2007). The BFH towers were built from composite steel columns with a central reinforced tower concrete core. Slip-forming technique was used for constructing the central core steel. Steel columns of 20 m in height were erected with a floor beam support for four floors. Steel columns were fastened in concrete and were sprayed by a fire-proofing spray that gave a fire rate of three to four hours. Curtain walling system was used for BFH glazing which consisted of panels 1.7m wide and one-storey high. Panels were made of double glazed units which extended to a height of 2.7m which was insulated. HVAC, Heating, Ventilation and Air-Conditioning system included valves which were balanced dynamically to adjust rate of cold water flow within a remotely controlled range. HVAC was split into two vertical sections in both the towers which used 3 main pump systems, primary, secondary and tertiary with plate heat exchangers placed on the 30th floor (technical floor) to ensure efficiency. Moreover, to reduce solar gain, enough buffer spaces have been incorporated between the air-condition spaces and the external environment. (Design build, 2008) Considering a 260 m tall building with dual towers, 53 floors each, and 15+ public elevators, electrical energy maintenance and preservance is of high concern. SIBCA electronics were employed for lighting control and central battery for emergency lighting. Construction Week online stated that Tabreed Bahrain with alliance with Sumitomo Corporation, one of Japan’s largest technology firms, have signed an agreement to build a cooling plant district at BFH which will provide the Bahrain Financial Harbour with a new pair of 66kV City Substations, which exhibits Bahrain commitment to a future devotion to energy conservation and reducing pollution. This agreement is a vital part of district cooling’s ability to cool a large scale of buildings in densely populated area (2008).This also aides the sea life to which is subject to risk due to the location of such a project which sits on the seafront of the country. Owners and Occupiers Bahrain Financial Harbour Holding Company (BFHHC) is holding firm for BFH whose chairman is Mr. Esam Janahi, one of Bahrain’s leading businessman a founding member of the main Gulf Finance House, he held a number of management positions in large companies and successful, including Energy City Qatar, Royal Ranches Marrakech and Royal Resort "Cap Malebata", and Bayan Holding Company, and is also EA Janahi, Vice Chairman of Al Areen Holding Company and Vice Chairman of Khaleeji Commercial Bank BSC (KHCB). He also serves as a board member of Gulf Holding Company. As the CEO of Gulf Finance House, which is one of the most innovative Islamic investment banks in the Middle East, Esam Janahi enforced the Bahraini vision to expand Islamic Finance. This phenomenon has influenced many huge investment companies to relocate their head offices at the BFH, for instance, Inovest B.S.C, a Shariah-complaint investment company along with Al Khaleej Development Co. (Tameer) which resides as Inovest’s real estate development arm (Ameinfo, 2010).Furthermore, GFH announced this year completing the sale of its stake in the Bahrain Financial Harbour and the amount representing 49.8% to the Company (Emaar - Holding) (reconstruction) and in exchange for $ 134 million, in addition to belonging to a number of pieces of land premium draft Bahrain Financial Harbour, which will GFH developed or sold for cash (Al Seyassah, 2010). Moreover, VFS global, a commercial company in partnership with the UK border Agency which manages visa application centre have allocated its offices in the BFH. Many other, commercial banks, insurance companies and real estate consultants have launched to open in the Bahrain Financial Harbour. Conclusion To finalize, Bahrain being named as the largest financial centre in the region and over 370 financial institutions already boasted will be only be strengthened with an ascending improvement on year to year basis. Financial freedom is obligatory anywhere in the world, and Bahrain has now entered the maturity phase and the beneficial outcomes are visible for all to see. Regulatory framework created in Bahrain has insured the maintenance of this flexibility which results in allowing business in Bahrain to constantly adapt to changing marketing dynamics. Bibliography * Ahmed Janahi Architects, “Bahrain Financial Harbour” [online] http://www.aajarchi.com/projects.shtml (Accessed on 16th October, 2010) * Al-Seyassah [online] http://www.al-seyassah.com/AtricleView/tabid/59/smid/438/ArticleID/102229/Default.aspx (Accessed on 17th October, 2010) * Ameinfo, “Inovest and Tameer move operations to Bahrain Financial Harbour” [online] http://www.ameinfo.com/220383.html (Accessed on 19th October, 2010) * Construction week online, “Tabreed Bahrain signs agreements to build cooling plant” [online] http://www.constructionweekonline.com/article-3726-tabreed-bahrain-signs-agreements-to-build-cooling-plant/ (Accessed on 17th October, 2010) * Design build Network [online] http://www.designbuildnetwork.com/ (Accessed on 18th October, 2010) * Gulf Daily News, “$380m BFH deal won by Al Hamad” [online] http://www.gulf-daily-news.com/NewsDetails.aspx'storyid=191145 (Accessed on 18th October, 2010) * Gulf Daily News [online] http://www.gulf-daily-news.com/NewsDetails.aspx'storyid=211833 (Accessed on 16th October, 2010) * World Finance, “The Bahrain Financial Harbour” [online] http://www.worldfinance.com/news/worldnews/middleeastafrica/article132.html (Accessed on 16th October, 2010)