Jones Lang LaSalle real estate services in the Northern Gulf
For several decades, growth in the GCC has been led by the Northern Gulf economies of Bahrain, Qatar and Kuwait. In this current downturn, Jones Lang LaSalle is well positioned to continue serving our Clients in the Northern Gulf. We are currently advising investors and developers in the Northern Gulf markets to help create a solid development platform for the future.
In 2005, the Government of Bahrain commissioned Skidmore, Owings, and Merrill (SOM) to undertake a national land use planning and infrastructure planning project. Completed in 2007, the Bahrain 2030 National Planning Development Strategies addresses sustainable land use development and its role in facilitating long-term economic growth. Despite the economic climate, Bahrain is proceeding with its development plans, albeit more cautiously and with more due diligence performed on the projects.
In the Capital Governorate, the fastest growing, most prominent area of Bahrain, mixed used projects such as Reef Island, Bahrain Bay, Bahrain World Trade Centre, and Bahrain Financial Harbour are establishing a new urban standard. The Seef District, which until recent reclamation works was open sea, is becoming the country’s business and retail hub. Many multi-national companies, including several banks, have established offices in the district and three of the country’s largest shopping centres, including the Bahrain City Centre, generate visitations, particularly weekend excursions from those living in Saudi Arabia. In the Southern Governorate, ambitious projects such as Al Areen, Durrat al Bahrain and Danat Hawar are transforming the tourism and hospitality market in Bahrain.
Manama Office Overview - Q3 2011
With prices having fallen 40-50% for land and up to 30% for built product, increasing opportunities are emerging to acquire attractively priced assets from distressed sellers. Furthermore Kuwait is well positioning in terms of financial reserves to provide support to its financial institutions thereby cushioning any contagion impact from the regional slowdown. Finally Kuwait is well positioned to benefit from the stabilization and subsequent opening up of the Iraq market.
Kuwait Office Overview - Q3 2011