Bahrain Development Bank (BDB) announced on Sunday that it has signed an agreement with architecture firm Mohammed Salahuddin Consulting Engineering Bureau (MSCEB) to oversee the redesign and renovation of Sitra Mall.
MSCEB will oversee the maintenance works over three phases, the first and second representing a combined value of approximately 3 million Bahraini dinars ($8 million).
In March 2020, BDB had awarded a three-year contract to manage and operate Sitra Mall to Edamah, the real estate arm of Bahrain's sovereign wealth fund. Under the agreement, Edamah was also tasked with developing a revitalisation plan to increase footfall and revenues.
The statement said Edamah had completed a development plan for the mall, which included 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. The plan also estimated the maintenance and renovation costs.
(Writing by Syed Ameen Kader; Editing by Anoop Menon)
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