Manama– Bahrain Real Estate Investment Company (Edamah), signed a memorandum of understanding (MoU) with the Bahrain Car Parks Company BSC, which will allow both companies to complete the legal procedures and evaluation process for Edamah to possibly acquire a stake in Bahrain Car Parks Company, in exchange for the transfer of the operational utilization’ rights for a period of 99 years in one of the parking buildings owned by the company.
This comes in line with Edamah’s strategy to diversify its investment portfolio, where the MoU opens doors for it to purchase shares of the publicly listed Bahraini shareholding company. In addition, to boost efficiency and profitability, the MoU assigns Bahrain Car Parks Company as the exclusive manager of all car park buildings currently owned by Edamah, as well as car park buildings that will be developed in the future.
The MoU is part of Edamah’s larger long-term strategy to develop new projects, renovate previous projects, and manage them all to global standards and best practices. The company prides itself on exercising stringent corporate governance laws that include the highest forms of transparency, which boost its commitment to sustainable development.
Speaking on the MoU, Amin Alarrayed, CEO of Edamah, said: “The MoU builds an effective framework to bring a valuable addition for the company, to expand its real estate investment and management efforts into car park buildings. Revamping current properties that support the trade and tourism sectors in the Kingdom of Bahrain reflects our commitment to contribute to the growth of the national economy.”
Ismael Al Marhoon, Chairman of Bahrain Car Parks Company BSC, said: “We are delighted to have inked this collaboration in partnership with Edamah, which will establish mutual support in the management of parking areas. This agreement feeds into our primal strategy that focuses on developing and efficiently managing parking spaces aiming to provide services that meet the customers’ expectations. In addition to implementing the latest developments and introducing innovative and valuable services.”
Edamah is the real estate arm of Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, which focuses on managing and promoting a diversified real estate portfolio across Bahrain.
Bahrain Car Park Company is a Bahraini publicly listed company on the Bahrain Bourse under ‘CPARK’ which specializes in the construction, development and management of parking lots.