BizBahrain Magazine (May-June 2019)

Real Estate
Edamah sign an
agreement with
KFH-Bahrain
to finance
its "Sa’ada"
development
Bahrain Real Estate
Investment Company
(Edamah) the real-estate arm
of the sovereign wealth fund
of the Kingdom of Bahrain,
has signed an agreement with
KFH–Bahrain, as a strategic
partner to finance Edamah’s
"Sa’ada" Project.
The unique waterfront
development is the first of
its kind in the Kingdom;
designed to cater to the needs
of a diverse base of locals and
tourists, as well as serving the
requirements from an investor
and business perspective,
providing the tenants with a
differentiated project.
Sa’ada will feature a variety
of public facilities, including
restaurants, kiosks, and a
promenade, alongside various
other services, enabling the
development to emerge as a
value-adding project for the
community at large.
Abdulhakeem Alkhayyat,
Managing Director and Chief
Executive Officer (CEO) of
KFH–Bahrain, revealed, "We
are delighted to have been
appointed as the official
fi n a n c i n g p a r t n e r o f t h e
waterfront development
project. Through this initiative,
we seek positively contribute to
further diversify the economy,
in line with the Economic
Vision 2030. "
Amin Alarrayed, CEO
of Edamah, revealed, “The
development phase of the
“Sa’ada” project is expected to
be completed during the year,
whereas operational phase of
the project will be completed
in early 2020, in collaboration
with a number of companies,
retailers, restaurants, cafes and
waterfront activities."
The “Sa’ada” comes in
line with Edamah’s long-term
strategy focused on developing
new projects and renovating
existing ones in a sustainable
manner, managing them all in
accordance to international
standards and utilizing best
Golden
Gate project
embodiment of
uniqueness and
an architectural
masterpiece
Golden Gate, the 140,000
square meter project,
located in the heart of Bahrain
Bay, consists of 746 apartments
spread over two residential
towers of 53 floors and 45
fl o o r s . T h e p r o p e r t y i s f u r t h e r
equipped with 7 floors of
parking to accommodate 999
parking spaces.
Vice President of Golden
Gate Marketing and Sales,
Eman Al Mannai mentioned
that the Golden Gate project is
being implemented by a global
partnership between India's
Ajmera Mayfair Realty Group
with Kooheji Golden Gate
Property Bahrain.
“We have been very
satisfied with the interest of
local and foreign investors in
acquiring the opportunity to
own one or more apartments
in this project for the purpose
of housing, leasing or resale,”
she said.
The Real Estate Regulatory
Authority (RERA) has had a
great impact in supporting the
real estate sector by restoring
industry practices while
seeking to meet the market
needs thereby contributing
value to the entire community
in a holistic manner.
Since the commencement
of construction works, which
began on 3rd July 2018, the
construction of all buildings,
structures, and electrical and
mechanical works are in the
development phase, seven twostory
buildings are currently at
50% completion, and the project
in its entirety is scheduled
for full completion in the last
quarter of 2019.
Eman Al Mannai
Vice President, Golden Gate
Marketing and Sales
confidence to investors. Issuing
the Golden Gate project, a
license approved by RERA has
helped in giving reassurance
and trust for investors towards
the owners and the project. Ms.
Al Mannai also thanked the
Government of the Kingdom
of Bahrain for its continuous
efforts in decreeing laws
and regulations that would
create a healthy investment
environment.
“Our team has also
effectively introduced visitors
to the Kingdom to freehold
projects which allow various
nationalities to obtain
residence in Bahrain when
investing in the project,” added
Ms. Al Mannai.
“The Golden Gate project is
the embodiment of uniqueness
and is an architectural
masterpiece, drawing
inspiration from Bahrain with
its sails and gold, and Indian
jewels at the top and bottom of
the towers,” she concluded.
Savills to
manage BWTC
and Moda Mall
Global real estate advisor,
Savills take over the
property management,
leasing, facilities
management and marketing,
covering the entire retail
and commercial portfolio of
Bahrain’s premier landmark
property, which includes
Bahrain World Trade Center
(BWTC) office towers and
MODA Mall, Bahrain’s only
luxury shopping and dining
destination.
Located prominently next
to the King Faisal Highway,
Bahrain World Trade Center
is Bahrain’s iconic business
and commercial property
address, including MODA
Mall, location of many of the
worlds most famous fashion
and retail brands, providing a
unique customer experience
all year round. The new
partnership is announced at
a time when international
occupiers are increasingly
looking for iconic buildings
within the Central Business
District of Bahrain.
Paul Nathan, Head of
Real Estate Management
for Bahrain World Trade
Center and MODA Mall said,
“Savills has an experienced
regional team backed up
by global specialists. It’s
important for us to work with
a global market leader who
can guide us on how to best
position the asset to the latest
international standards.”
Savills’ Head of Northern
Gulf, Harry Goodson-Wickes
said, “Bahrain World Trade
Center is one of the best
commercial and retail spaces
in the Middle East and we look
forward to providing our best in
class property services to local
and international occupiers of
BWTC and MODA Mall.’
56 May-June 2019