– Edamah project pipeline in Bahrain worth around BHD 14 million –
Edamah, the real estate arm of Bahrain government, has celebrated the opening of its BHD 7.6 million state-of-the-art carpark complex “The Terminal”. The opening ceremony was attended by key stakeholders including Edamah’s board of directors, investors, contractors and prospective tenants.
Strategically located in the vibrant fine dining “Block 338” – Adliya, the Terminal is carefully designed to provide a full-service solution for visitors to the busiest part of Adliya, bringing together dining, commercial outlets, and convenient smart parking all under one roof. The Terminal’s first two tenants will include a trademark of The Living Concepts Company, Maya Gold a new elevated concept of Maya la Chocolaterie. Maya has evolved into an artisan chocolate brand operating out of its home base in Bahrain and Dose an artisanal coffee shop and is an organic coffee shop in Bahrain established in Kuwait City. Dose owns and operates a chain of owned quick-service café in Kuwait and very soon all over GCC. In addition, The Terminal provides visitors access to over 330 carparks and 10 outlets on a land area of 4,801 square meters.
In the next five years, Edamah aims to develop more than 1,000 carpark spaces all to be managed through the centralised smart software intended to reduce operational costs, increase efficiency and improve customer satisfaction. Through the auto pay machines, visitors to the terminal will be able to pay the carpark fees using cash, debit card, credit card, and mobile app. Edamah’s three-year project pipeline is worth around BHD 14 million and features developments, such as Sa’ada waterfront development and a multi-storey carpark Salmaniya carpark amongst others.
HE Khalid Al Rumaihi, Chairman of Edamah said: “Edamah has an ambitious five-year strategy which will contribute to Bahrain’s plans for robust investment in domestic infrastructure, supporting the national economy by enabling technological integration in architecture. Our future project portfolio will be enhancing existing projects in addition to new projects to be developed which will include industrial, retail, leisure and recreational projects utilising some of the most spectacular waterfront settings available in the Kingdom.
“During Q4 2017, the real estate sector grew by 7.6% due to high demand for residential, tourism and retail developments in the Kingdom. Edamah is seizing the opportunity by responding to this high demand, developing a diversified portfolio of commercially viable projects.”
In 2017, a new real estate law were put in-effect following consultation with the private sector in the Kingdom to specifically support growth in the sector. The Real Estate Regulatory Authority (RERA) was established to enable a robust, secure and sustainable environment that encourages regional and global investment.
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Bahrain Real Estate Investment (Edamah) B.S.C. (c), is a commercial state-owned company established to develop, manage and promote a diverse portfolio scattered throughout the Kingdom of Bahrain. Edamah is currently investing in new real estate projects and upgrading existing properties will assist in supporting the commercial and tourism sectors in Bahrain.
Edamah adheres to the highest standards of transparency and sound corporate governance and is committed to efficient and sustainable development. More information about Edamah can be found on http://www.edamah.com.