25
November
2008
|
00:00
Europe/London

CB Richard Ellis Opens in Bahrain

CB Richard Ellis Group today announced the opening of a new office in Bahrain, one of the foremost financial services and real estate centres of the Middle East and North African region (MENA). The new office represents an important building block in the rapid development of the firm’s Middle Eastern business.

Nick Maclean, Managing Director CB Richard Ellis Middle East, said: “The island Kingdom of Bahrain has long enjoyed a history of commercial success, reflected in the many completed landmark developments and those planned for the future. The office opening in the central business district of Manama complements our regional strategy of expansion, seen most recently in Abu Dhabi and Dubai. In particular the Bahrain office further offers a strong platform to enter important markets such as Saudi Arabia and Qatar.”
Despite the turmoil in the global financial markets, the Gulf’s real estate market continues to offer opportunities for CB Richard Ellis’ international clients. Bahrain has the freest economy in the Middle East, ranked 19 worldwide and is part of the Arab Free Trade Zone. The Kingdom also has bilateral trade and economic agreements with 43 other countries, including China, France, India, Singapore and the UK and is the only nation in the Gulf to have a Free Trade Agreement with the United States.
Widely regarded as the best-regulated financial centre in the Middle East, Bahrain is home to around 400 licensed financial institutions and has been the region’s financial capital for more than 40 years. Financial services currently make up almost 30% of Bahrain’s GDP.
The King Fahd causeway provides a direct link to Saudi Arabia, the largest market in the region and in 2012 a second causeway will complete a new trans-Gulf highway running from Saudi Arabia through Bahrain to Qatar, the United Arab Emirates and Oman, connecting the entire Gulf market with Bahrain at the centre.

Mike Strong, Chairman of CB Richard Ellis, EMEA, said: "The opening of an office in Bahrain is another important step forward in our Gulf expansion strategy, and allows us to extend our services into a rapidly growing region. We are particularly pleased to add experienced professionals to our team and our international clients are already benefiting from their local knowledge and contacts.”

The new office will also extend CB Richard Ellis’ ability to provide consultancy services to local investors in the Gulf region seeking to invest overseas. A recent CB Richard Ellis report indicated that Sovereign Wealth Funds (SWFs) alone are set to invest US$ 725 Billion in commercial real estate by 2015. In particular, more investment is expected to flow from key Gulf SWF’s as a consequence of high inflows of capital.
Bahrain has the freest economy in the Middle East, ranked 19 worldwide* and is part of the Arab Free Trade Zone. The Kingdom also has bilateral trade and economic agreements with 43 other countries, including China, France, India, Singapore and the UK and is the only nation in the Gulf to have a Free Trade Agreement with the United States.

* According to the The Index of Economic Freedom - a measure of economic freedom designed by the Heritage Foundation and the Wall Street Journal.

The new office will also extend CB Richard Ellis’ ability to provide consultancy services to local investors in the Gulf region seeking to invest overseas. A recent CB Richard Ellis report indicated that Sovereign Wealth Funds (SWFs) alone are set to invest US$ 725 Billion in commercial real estate by 2015. In particular, more investment is expected to flow from key Gulf SWF’s as a consequence of high inflows of capital.
CB Richard Ellis expect to employ a staff of more than 100 people in the Gulf area by the year end, of which at least 20 will be based in Bahrain. Based in Manama, the local office will be jointly managed by Mike Williams, Richard Botham and Andy Hinson, all experienced professionals who have between them spent almost 30 years working throughout the region while based in Bahrain.
Mike, Richard and Andy have worked on numerous projects for both the public and private sectors and have been professionally involved in many of the largest projects to have taken place in the region in recent years.
Mike Strong, President of CB Richard Ellis, EMEA, said: "The opening of an office in Bahrain is another important step forward in our Gulf expansion strategy, and allows us to extend our services into a rapidly growing region. We are particularly pleased to add experienced professionals to our team and our international clients are already benefiting from their local knowledge and contacts.”