Manama-In line with its strategy to diversify its investment portfolio, Bahrain Real Estate Investment Company (Edamah) B.S.C. ©, the property arm of the Kingdom’s sovereign wealth fund, will be acquiring 36.6% of the shares in the Bahrain Car Parks Company, a publicly-listed company on the Bahrain Bourse, which specializes in the construction, development and management of parking lots, subject to obtaining the required regulatory approvals.
The acquisition comes as part of Edamah’s long-term strategy to develop new projects, renovate previous projects, and manage them to global standards, implementing best industry practices while seeking to meet the needs of the market and creating value for the entire local community at large.
“It gives us great pleasure to be working with entities in the private sector to cooperate with a publicly listed company, Bahrain Car Parks Company. This marks a pivotal moment and will contribute to improving the level of services offered in the Kingdom. We also look forward to establishing partnerships with entities in the private sector in the future in order to further develop the facilities available to the public,” said the Chief Executive Officer of Edamah, Mr. Amin Alarrayed.
“Investing in Bahrain Car Parks Company reiterates our commitment to manage a diverse business portfolio while achieving our mission of developing a robust real estate portfolio, which further cements our reputation as one of the leading property developers in the Kingdom,” he added.
Edamah is a prominent state-owned property developer with a long history in real estate development. The company has worked on major investment projects in the tourism, leisure and industrial sectors, such as the Bilaj Al Jazayer development, the Sa’ada development, and the carpark building at Salmaniya Medical Complex. In addition, various other projects have further expanded Edamah’s footprint across the Kingdom, in line with the company’s vision to further drive economic growth in Bahrain and to promote community development within Bahrain in a sustainable manner.