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The Bahrain Bay development team will be attending MIPIM this week to promote the £1.2bn landmark waterfront development located in the heart of Manama to prospective developers and investors.

Bahrain Bay has already sold 60% of its scheme to international and regional developers and investors.

Bob Vincent, chief executive of Bahrain Bay, said: "This latest news confirms that international and regional developers and investors are committed to our vision of creating a new waterfront community for the rapidly developing north shore of Manama, the vibrant hub of Bahrain’s business district."

Property prices in Bahrain are around half of that of neighbouring Dubai, and the team say market accessibility is less demanding.

In addition, there are implications of an estimated 30% GDP growth over the coming five years.

Vincent said: "We are currently in discussions with other prospective regional and international investors and we are confident that the remaining land parcels will be allocated well within our schedule."

International investment firm Arcapita, the principal shareholder in the project, is headquartered at Bahrain Bay.

In addition, the development has attracted the country’s only Four Season’s Hotel as well as investment from firms such as Al Baraka Group, the global Islamic bank and Kuwaiti property developer Salhia Real Estate.