How much land did premier group invest in Bahrain Bay?

Premier Group’s land was, once again, its ticket into the joint venture. This time, land worth $136.4m was provided in exchange for a 40 per cent equity interest in the company developing Bahrain Bay, according to financial documents seen by the FT.

Who owns Bahrain's largest private urban development site?

A joint venture between Premier Group subsidiaries and Islamic bank Kuwait Finance House, it is Bahrain’s largest private urban development site and could one day house 100,000 people. Part of the land used in the project was owned by “Stone”, according to a document obtained in a 2010 parliamentary investigation.

Does Bahrain pay for luxury property plots?

Bahraini lawmakers have found no record of payments to the state for these plots. The FT found that subsidiaries of Premier Group have shares in projects that have an investment value of at least $22bn at home and an extensive luxury property portfolio in Britain.

Who owns Premier group?

Financial records from 2005 showed Premier Group to be owned by the diwan of the royal court, a decision-making body controlled by King Hamad al-Khalifa. Bahrain’s corporate registry does not list Premier Group’s shareholders. Such information is generally available for similar companies.

Why did premier group buy a property in London?

A person familiar with Premier Group’s financial dealings told the FT that the company chose London as an investment haven. Some of these property purchases were funded by “land sales”, that person said. Premier has recently sold some of its UK portfolio, according to property registers.

Can Bahrain revive its business-friendly image?

As Bahrain’s wealthier Gulf neighbours invest $10bn to revive the island’s economy, the government has begun a drive to revive its business-friendly image. But political stability remains a distant prospect following an opposition boycott of general elections last month.