Edamah Signs Naseef as the First Anchor Tenant of its Sa’ada Waterfront Project

Press release
Published July 21st, 2019 - 12:41 GMT
During the event
During the event
Highlights
Bahrain Real Estate Investment Company (Edamah) B.S.C. ©, the property arm of the Kingdom's sovereign wealth fund, has recently signed a lease with its first anchor tenant, Naseef Café, for its Sa’ada West Waterfront Mixed Use Development.

Bahrain Real Estate Investment Company (Edamah) B.S.C. ©, the property arm of the Kingdom's sovereign wealth fund, has recently signed a lease with its first anchor tenant, Naseef Café, for its Sa’ada West Waterfront Mixed Use Development.

“We are extremely pleased to begin signing contracts with tenants for this unique project and honoured to partner with Naseef Café, a traditional Bahraini local favourite, which is a true reflection of the Kingdom's culture and history. Naseef Cafe is scheduled to open to visitors in conjunction with the inauguration of the Sa’ada West project in November 2019, which features a distinctive design consisting of public promenade and plaza with sea facing views,” said the Chief Executive Officer of Edamah, Mr. Amin Alarrayed.

“We also encourage entities in the private sector to bid for the units available in the leasing area within the project, which is an ideal space for owners of restaurants, cafes and family entertainment businesses to flourish. We would like to express our deepest appreciation and gratitude to HRH Prince Khalifa bin Salman Al Khalifa, the Prime Minister, who has named the “Sa’ada” project, which has exceeded our expectations while meeting the highest international industry standards,” he added.

 The Sa’ada project, initiated by HRH Prince Khalifa bin Salman Al Khalifa, the Prime Minister, is a vibrant lifestyle development project, providing a community space that combines the entertainment, retail and tourism sectors. The project also provides fertile ground for the development of a variety of facilities that will improve the quality of the project as a whole.

“We are proud to join the Sa’ada West project, one of the largest initiatives to meet the needs of Bahraini citizens. Naseef Café has been passed down generations in our family with the first café in Fareej Al Fadhel in 1920, to our 2013 Bab Al Bahrain Branch. We are always looking to provide exciting experiences across branches by introducing unique design elements tailored to suit the various locations across the Kingdom, and will do the same for our new branch in Sa’ada as a landmark location,” said the Owner of Naseef Café, Mrs. Ameena Naseef.

The project covers 397 square metres of leasable space, accommodating 32 shops situated across six buildings, which range from 15 to 570 square metres. In addition, the project will include a multi-story parking building boasting a total of 202 parking spaces, as well as provide access to a marina consisting of 37 spaces for boats ranging from 8m to 25m.

The design of the project consists of a public promenade and plaza overlooking the sea, and features indoor and outdoor seating areas. Construction of the project buildings is scheduled to be completed by the fourth quarter of 2019, while the multi-story parking building and external works is expected to be completed by the end of November 2019.

The Sa’ada project comes in line with Edamah’s long-term strategy which focuses on developing new projects and enhancing existing projects in a sustainable and comprehensive manner and managing them all in accordance with international standards and best industrial practices while seeking to meet the needs of the market; also in line with the Economic Vision 2030.

 

Background Information

Edamah

Bahrain Real Estate Investment Company (Edamah) is the real-estate arm of 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.

 

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