Bahrain Development Bank signs major deal to revitalise Sitra Mall

Edamah Property Management Company has been appointed to manage and operate the mall

  

MANAMA: Bahrain Development Bank (BDB) has signed an agreement with Mohammed Salahuddin Consulting Engineering Bureau (MSCEB) paving the way for a revitalisation of Sitra Mall.

As per the agreement, MSCEB will oversee the design of the new facility and all required maintenance works over three phases, the first and second of which are valued at approximately BD3 million.

Edamah Property Management Company (EPMC), a subsidiary of Bahrain Real Estate Investment Company (Edamah), has been appointed to manage and operate the mall as per an agreement with BDB.

EPMC has made a research-based comprehensive strategy to activate the mall and improve its revenues.

The plan includes a detailed evaluation of occupied and available unit space, an assessment of current outlet types, a study of how to attract new tenants in line with the market and community needs, and a projection of revenues and occupancy rates.

It also estimates the maintenance and renovation costs of raising the mall to a standard that meets public demand.

Sitra Bridge and its associated walkway, which are adjacent to the mall, are also undergoing renovations, including improvements to the lighting.

This will make it easier for residents to access the mall, a vital step towards strengthening its commercial activity.

EPMC said that all required maintenance and renovation work at the mall and its surrounding vicinity are progressing according to plan.

The agreement was signed by BDB Group chief executive Sanjeev Paul and MSCEB managing director Thamer Salahuddin, in the presence of Edamah chief executive Amin Alarrayed and EPMC general manager Waleed Ali.

Mr Paul said: “This agreement is a pivotal step in our plans to transform Sitra Mall into a prominent commercial and entertainment destination, primarily serving Sitra and nearby areas.”

According to Mr Alarrayed, the agreement will boost the profitability of the government’s property portfolio, contributing to the kingdom’s wealth.

“We are pleased to have been given custodianship of this important facility through our subsidiary EPMC – a clear signal of BDB’s trust in our capabilities,” he added.

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