Bahrain Real Estate Investment Company (Edamah), the local real estate arm of the Kingdom’s sovereign wealth fund, recently signed a property management agreement with Bahrain Development Bank (BDB) whereby Edamah will take over the management and operation of Sitra Mall. The signing ceremony was held in the presence of Edamah’s Chief Executive Officer (CEO) Mr. Amin Alarrayed and the CEO of Bahrain Development Bank Group, Mr. Sanjeev Paul.
This partnership comes as part of Edamah’s strategic focus to expand its real estate portfolio and business activities in the Kingdom of Bahrain capitalizing on international practices, through solid collaborations with the public and private sectors that further contribute towards economic diversification in line with the 2030 Economic Vision.
“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,” said the CEO of Edamah, Mr. Amin Alarrayed.
As part of this agreement, Edamah will manage and operate Sitra Mall on a 3-year renewable contract, starting from April 2020. Edamah will be responsible for leasing out the mall units and for developing a revitalization plan supported by strategic goals aimed at increasing footfall and revenues.
“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,” he added.