|14 October, 2019

$11.9mln loan granted for Bahrain's SMC multi-storey car park

The car park, on a 5,700sqm plot, will occupy a strategic location northeast of the complex

A loan of BD4.5 million will be provided for the development of a multi-storey car park at the country’s biggest public hospital.

The agreement was signed between Khaleeji Commercial Bank (KHCB) and Bahrain Real Estate Investment Company (Edamah), the real-estate arm of Bahrain’s sovereign wealth fund.

The project aims to reduce congestion around Salmaniya Medical Complex (SMC), as the building will provide approximately 600 parking spaces for staff and patients.

Edamah said in a statement yesterday that the agreement was a major project milestone following the appointment of Alghanah Group as the main contractor in July.

The project is set to be completed by 2020, as work began on September 15, with mobilisation already completed at the site.

Excavation works for the foundations are currently in progress.

The signing of the agreement was attended by Edamah chief executive Amin Alarrayed and the bank’s chief executive Sattam Algosaibi.

“We are extremely pleased to sign this financing agreement with KHCB,” said Mr Alarrayed.

“This is a key project as part of the pipeline of several strategic projects we have been developing in 2019 which comes in line with Edamah’s continued efforts to elevate infrastructure in the kingdom and deliver projects that serve citizens.”

Financing the Salmaniya Carpark Development reiterated the bank’s keenness to enter into strategic partnerships, said Mr Algosaibi.

The car park, on a 5,700sqm plot, will occupy a strategic location northeast of the complex.

Flanked by two major streets, it is expected to improve the flow of traffic and provide quick access to emergency centres.

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