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Manama, Kingdom of Bahrain : Bahrain Development Bank (BDB) Group CEO, Sanjeev Paul signed an agreement with Mohammed Salahuddin Consulting Engineering Bureau (MSCEB) Managing Director, Thamer Salahuddin, paving the way for a significant revitalization of Sitra Mall. Also in attendance were Edamah CEO, Amin Alarrrayed and Edamah Property Management Company (EPMC) General Manager, Waleed Ali. As per the agreement, Bahrain-based 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.
EPMC said that all required maintenance and renovation work at the mall and its surrounding vicinity are progressing according to plan. The agreement aims to boost the mall’s commercial activity, improving shopping and entertainment options for residents of Sitra and surrounding areas. The project, in line with Edamah’s strategy to widen its management and real estate development activities, is an important Public Private Partnership that will contribute to the national economy and help Bahrain meet its Economic Vision 2030 objectives.
EPMC was appointed to manage and operate Sitra Mall as per an agreement with BDB. After conducting research into the project, EPMC outlined a comprehensive strategy to activate the mall and improve its revenues. It advanced these plans considerably during a short period, despite closures and social distancing measures in place throughout the Kingdom to combat the novel coronavirus (COVID-19).
BDB Group CEO, Sanjeev 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. We are happy to partner with Edamah, which has a strong track record as manager of the government’s property portfolio, and are confident that its expertise will add real value to the mall and the economy.”
Bahrain Real Estate Investment Company (Edamah) CEO, Amin Alarrayed said: “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. This agreement will boost the profitability of the government of Bahrain’s property portfolio, contributing to the Kingdom’s wealth. Major projects such as these require time and resources to ensure completion in accordance with international benchmarks and the Kingdom’s own governance frameworks. We remain dedicated to turning Sitra Mall into a first-rate leisure and shopping destination in partnership with MSCEB, one of the region’s most respected architectural firms, which boasts a track record spanning more than half a century.”
MSCEB Managing Director, Thamer Salahuddin said: “Sitra Mall is undoubtedly a valuable real estate asset which needs revamping to achieve its potential. We are proud to play a key role in this major project, which will offer Sitra and its surrounding areas a prestigious destination that is attractive to both investors and shoppers.”
EPMC 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 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.
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Charlie Holding
Assistant country manager – Bahrain
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Email: charlie@perceptions.me
About Bahrain Development Bank (BDB)
BDB commenced operations in 1992 as a specialist Bank. Its activities are focused on the financing and development of small and medium businesses in addition to encouraging and supporting entrepreneurship activities in the Kingdom of Bahrain. Working in-line with Bahrain Economic Vision 2030, BDB adopts a dynamic and effective strategy for stimulating entrepreneurial activity in implementing its plans for financing and advising small and medium businesses. This strategy is in line with the Bank’s mission of being an active participant in national strategy by supporting this sector of the economy. BDB’s role in this context is especially significant given the growing size and contribution of this important segment to domestic economic activity.
About Mohamed Salahuddin Consulting Engineering Bureau (MSCEB)
Mohamed Salahuddin Consulting Engineering Bureau has been contributing to the overall growth of the Kingdom’s infrastructure since its inception. The aspirations of its founder holds true to this day; to deliver quality projects through expertise, innovation and design excellence. Founded in 1970 by Mohammed Salahuddin, the second generation Engineer in the Salahuddin Family. Mohammed Salahuddin Consulting Engineering Bureau is a Bahraini fully integrated firm that has been at the forefront of Bahrain’s Architectural and Engineering sector for almost five decades. MSCEB offers a comprehensive range of services in the field of architectural and engineering design consultancy, Construction Site Supervision and Project management. Our experienced team of over 200 talented professionals collaborate to produce vibrant, sustainable solutions in response to our client’s unique requirement.
About Edamah
Bahrain Real Estate Investment Company (Edamah) is the real-estate arm of Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain. Incorporated in 2006 to manage and expand an assorted portfolio of real-estate in Bahrain, Edamah has established itself as one of the Kingdom’s leading property developers. With an unwavering commitment to its founding principles of quality, efficiency and sustainability, and in line with the highest standards of transparency and corporate governance, Edamah strives to transform the Kingdom’s diverse and dynamic property sector. Edamah’s portfolio will also include projects in the leisure and entertainment and industrial sectors.
© Press Release 2021
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