Conrad Residences Bahrain Financial Harbour is set to open in Manama in 2022. Courtesy Hilton
Conrad Residences Bahrain Financial Harbour is set to open in Manama in 2022. Courtesy Hilton
Conrad Residences Bahrain Financial Harbour is set to open in Manama in 2022. Courtesy Hilton
Conrad Residences Bahrain Financial Harbour is set to open in Manama in 2022. Courtesy Hilton

Hilton to launch region's first Conrad-branded residences in Bahrain

Conrad Residences Bahrain Financial Harbour is set to open in Manama in 2022

Selina Denman
Selina Denman

January 13, 2021

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Hilton has revealed plans to bring its Conrad brand to Bahrain for the first time.

Conrad Residences Bahrain Financial Harbour is set to open in Manama’s mixed-use First Energy Bank Tower in 2022. It will be the first fully residential luxury development for Conrad in the Middle East.

"We are delighted to debut Conrad Hotels & Resorts in Bahrain with this outstanding new property," said Carlos Khneisser, vice president of development, Middle East and Africa, Hilton Worldwide. "We see significant opportunity in branded luxury residences for our world-class hospitality brands.

Conrad Residences Bahrain Financial Harbour is set to open in Manama in 2022. Courtesy Hilton
Conrad Residences Bahrain Financial Harbour is set to open in Manama in 2022. Courtesy Hilton

“Whether planning a long- or short-term stay, guests can look forward to enjoying unparalleled service standards and state-of-the-art amenities at this exclusive Conrad property.”

Conrad Residences Bahrain Financial Harbour will feature 98 serviced apartments, located close to some of Manama’s most sought-after waterfront leisure and business destinations, including Harbour Towers, Financial Centre, The Avenues Mall, Bahrain Bay and Reef Island.

The property will offer unobstructed views of the Arabian Gulf from its elevated location, as well as a number of culinary options, including an all-day restaurant, pool lounge grill and lobby cafe. The hotel will also be home to a gym, outdoor pool and boardroom.

“I am thrilled that we will be establishing a presence in Manama with Conrad’s first all-residential property in the Middle East. Providing a host of both leisure and business opportunities amidst the beautiful backdrop of the Arabian Gulf, Bahrain Financial Harbour is the ideal setting in which to debut Conrad’s modern yet stylish residential offering,” said Nils-Arne Schroeder, global brand head, Conrad Hotels & Resorts.

“Conrad properties around the world are known for their seamless connection between contemporary design, inspiring destinations and leading innovation – and this property will be no exception.”

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

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2020 Toyota Corolla Hybrid LE

Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

Torque: 142Nm

Price: Dh95,900

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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