Amlak Announces the Re-Development of Three Markets in Isa Town
Amlak, the real estate investment arm and wholly-owned subsidiary of the Social Insurance Organization (SIO), announced its plan to kick-start the transformation of three existing local markets in Isa Town starting from the 24th of November. The three markets include Souq Abu Dhar Al Ghafari, Souq Al Madina and Souq Ibn Al Waleed. The project is set to be completed by 14th November 2021 with a budget of BHD 2,009,000.
The redevelopment project comes as part of Amlak’s efforts to transform local markets to raise the standard of retail offerings for the local community by introducing modern, multi-purpose facilities with diversified retail shops that will cater to the daily needs of the neighborhood and surrounding communities.
Chief Executive of Amlak, Yusuf Al Thawadi, said, “Since the launch of this redevelopment project, we have successfully achieved many accomplishments towards catering to the daily needs of residents within the neighborhoods and surrounding communities. We have been working continuously and will continue to work towards developing more markets to enrich the Kingdom’s various neighborhoods, enhance commercial activities, generate indirect revenues and create new job opportunities, all of which come as part of Amlak’s strategy to serve the community, raise the living standards, as well as contribute towards driving the national economy forward.”
On this occasion, Southern Municipality Council Representative of the Second Department, Mr. Malallah Shahen, expressed this gratitude towards Amlak and their continuous efforts towards developing such projects that aim to serve the residents and cater to their every need. He also highlighted his confidence in Amlak to completing the project within the set timeframe and in accordance to the highest of standards, as well as the success that these markets will bring upon completion.
Souq Abu Dhar Al Ghafari will stay true to its concept of ‘building blocks’, catering to community user convenience and promoting accessible retail spaces for the community. The development has a net built-up area of 2,370.5 sqm distributed in 2 commercial floors with a total of 32 retail units between 27sqm to 310sqm.
Similarly, Souq Al Madina will be identified as the catalyst for commercial viability and testament to how community development can be a model of a well-rounded neighborhood ecosystem. The built-up area will reach 2,217.15 sqm with a total net leasable area of 1,675.33 sqm.
Souq Ibn Al Waleed will be a hybrid of recreational and commercial spaces, promoting a well-rounded active and healthy lifestyle for the community. With a plot area of 2,851.1 sqm with a total net leasable area of 1,518.47 sqm which will include a total of 21 retail units which will range from 35 sqm to 110 sqm
Amlak’s focused strategy aims to deliver real benefits through a diversified and balanced portfolio in regards to type and location of its real estate properties. Additionally, Amlak is focused on identifying acquisition opportunities and new projects that aim to increase revenue and create sustainable wealth.
Amlak Finance PJSC is a leading specialized real estate financier in the Middle East. Since its establishment in November 2000 as the region’s pioneer financial services provider, it has provided its customers with innovative, Sharia-compliant property financing products and solutions designed to meet the rapidly evolving market demands.
It was first established as a private shareholding company in Dubai, United Arab Emirates, in accordance with UAE Federal Law. In 2004, it was converted to a Public Joint Stock Company.