The Bahrain Real Estate Investment Company (Edamah) – which is the real estate arm of the kingdom’s sovereign wealth fund – has inked a property management agreement with the Bahrain Development Bank (BDB).
As part of the agreement, Edamah will take over the management and operation of the Sitra Mall – a multi-storey 46,838m2 mall located near Tubli Bay in Sitra, Bahrain.
The three-year renewable contract, which starts from April 2020, will include leasing out mall units and developing a revitalisation plan that helps increase footfall and revenues.
The agreement was inked in the presence of Edamah’s chief executive officer, Amin Alarrayed, and the CEO of the Bahrain Development Bank Group, Sanjeev Paul, according to the state-run Bahrain News Agency.
This deal is in line with Edamah’s focus to expand its real estate portfolio and business activities in the kingdom through collaborations with the public and private sectors. This also contributes to the kingdom’s economic diversification in line with its 2030 Economic Vision.
Commenting on the agreement, Alarrayed said: “We are extremely pleased to be entering into a partnership with BDB. This relationship stands testament to our ongoing success in managing and operating real estate properties in the Kingdom of Bahrain while keeping the interests and objectives of our partners as our highest priority.”
Alarrayed added: “We take great pride in the high calibre of resources employed by Edamah and our qualified and skilled employees have enabled us to provide value-added real estate services of superior quality. We look forward to managing and operating Sitra Mall as part of our extensive real estate portfolio, and meeting the objectives of our BDB partners.”
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