On the Exhibition's First Day

"Investment Gateway - Bahrain" and "Kenaz Al Bahrain" Draw Interest from BIPEX Visitors

Manama - (5 November 2015):

Manara's Pavilion at the Bahrain International Property Exhibition, Inaugurated yesterday under the patronage of H. E. Deputy Prime Minister, Sheikh Khalid Bin Abdulla Al Khalifa - witnessed astounding interest on the first day of the exhibition. "Manara" being a diamond sponsor of the exhibition, showcased two of its most significant projects currently underway, namely "Investment Gateway - Bahrain", and affordable residential project "Kenaz Al Bahrain".

The significance of "Investment Gateway - Bahrain" comes, according to Managing Director of "Manara Developments", Dr. Hasan Al Bastaki, as the first project in the governorate of Muharraq dedicated for commercial and light industry activities where properties are sold rather than leased for a limited period, thus giving the owners the freedom to invest on a permanent basis without adhering to the limitations imposed by temporary leases. Further, the owners of the properties enjoy the flexibility to invest as seen best suited to each individual establishment's needs.

Dr. Al Bastaki reiterated the importance of "Investment Gateway - Bahrain" as a major contributor towards Bahrain's Economic Vision 2030, aiming to situate the Kingdom of Bahrain as an attractive destination for Foreign Direct Investment, and a regional services hub, as Bahrain retains its position as an ideal center for logistical services as major industry players choose Bahrain as a regional branch to set up their central operations. 

Dr. Al Bastaki Said: "The success of the project relied heavily on the ease of economic accessibility to the thriving economies of the gulf region, and the availability of sophisticated land, sea, and air transport means between ports and airports, notwithstanding logistics zones in multiple locations around the gulf, and ongoing programmes to uplift and improve the region's infrastructure, and Bahrain's trade alliances with over 60 countries worldwide thus promoting an open trading environment within the Kingdom".

The locations will have the capacity to serve as offices, showrooms, storage facilities, handling services, and sales offices, all of which are essential requirements to undergo smooth business activity in the Kingdom of Bahrain, and particularly Muharraq. Several sizable commercial and industrial establishments have invested in the project of which made it an attractive feature for those seeking to improve their competitive advantage.

The "Investment Gateway - Bahrain" Project has currently concluded phase one of sales and sold all the lots offered, and are currently undergoing phase two of sales which the majority of the lots have been sold. Manara is currently working on finalizing the infrastructure works and are expected to complete within 10 months from now.

On another note, "Manara" showcased its residential projects at the exhibition yesterday models of the Kenaz Al Bahrain apartment project to share with its audience the company's ambitions in designing apartments specifically targeted at the needs of the modern Bahraini Family. The exhibition will carry out up until the 7th of November.

Managing Director of "Manara Developments" confirmed that: "this overwhelming interest, of which gained the contentment of the exhibitors upon the launch of the 64-appartment of "Kenaz Al Bahrain" project, encourages us to proceed with our plans to launch similar projects sooner rather than later".

He added: "Throughout the project, situated in the northern governorate, we considered all aspects of a Bahraini family's living standards, and ensured we fulfill all the requirements of these families, taking into consideration the privacy aspect throughout the design phases, and ensured suitability for growing Bahraini families. In addition, the project is surrounded by modern services, and a well-developed infrastructure to add an urban feel while being surrounded by nature, and finally an important and attractive feature, that is, affordable pricing.

The 'Kenaz Al Bahrain' project consists of 8 modern design buildings comprising of four floors with two apartments in each floor. As for the special features of the apartments, each apartment is comprised of a spacious living room and 3 bedrooms, in addition to a maid's room with a private bathroom. To ease the process of ownership of these apartments for young couples, Manara entered into an agreement with Al Salam Bank - Bahrain and Eskan Bank and other banks to provide buyers with a wide array of financing options and facilitate ownership in these projects.

The Kenaz Al Bahrain project stands as a stepping-stone for "Manara's" role in residential development, and a fruitful cooperation with the Government of the Kingdom of Bahrain - represented by the Ministry of Housing and Eskan Bank.

The residential project comes in line to fulfill the requirements of the social housing program as set out by the Ministry of Housing two years back. Also noting that 'Manara' was amongst the first to commit its cooperation with the Ministry of Housing and has been a trusted developer contributing towards housing development programs since then, and an ideal choice for those eligible to its schemes. Al Salam Bank Bahrain being the primary financing institution, after its agreement with Eskan Bank, is now also a trusted partner to provide eligible prospective buyers with the appropriate financing options.

-Ends-

About Manara Developments Company B.S.C. (Closed)
Manara Developments Company BSC (Closed) is a Bahrain - based real estate development company with a diverse project portfolio.  Manara is determined to bring new insights, a fresh perspective and an all considered approach to real estate development in the Middle East market.

Manara Developments is driven by a core desire to become one of the top regional real estate developers by delivering a distinct portfolio of projects that are sensitive to their surroundings and leave a positive imprint on the community which houses them, from a social, economic and environmental perspective. Wherever possible, the Company will source national resources and will deploy the latest in design, construction and environmental technologies to help deliver socially-aware projects synonymous with quality, sustainability, value-for-money and on-time delivery.

The company's mission is guided by a sincere, humanistic 'All Considered' philosophy stemming from a deep-rooted sense of social responsibility - to develop conscientiously with the best interests of the community in mind and strive to deliver.

For more information, please contact:
Mr. Nawaf Ali Alghanim
Manager - Marketing and Corporate Communications
Mobile : +973 39 820 121
Tele       : +973 17 518 667
Fax         : +973 17 131 074
Email     : n.alghanim@manara.bh

© Press Release 2015