Edamah Signs Property Management Agreement With Bahrain Development Bank to Manage and Operate Sitra Mall

Press release
Published March 2nd, 2020 - 07:41 GMT
Edamah Signs Property Management Agreement With Bahrain Development Bank to Manage and Operate Sitra Mall
During the event
Highlights
Bahrain Real Estate Investment Company recently signed a property management agreement with Bahrain Development Bank (BDB) whereby Edamah will take over the management and operation of Sitra Mall.

Bahrain Real Estate Investment Company (Edamah), the local real estate arm of the Kingdom's sovereign wealth fund, recently signed a property management agreement with Bahrain Development Bank (BDB) whereby Edamah will take over the management and operation of Sitra Mall. The signing ceremony was held in the presence of Edamah’s Chief Executive Officer (CEO) Mr. Amin Alarrayed and the CEO of Bahrain Development Bank Group, Mr. Sanjeev Paul.

This partnership comes as part of Edamah’s strategic focus to expand its real estate portfolio and business activities in the Kingdom of Bahrain capitalizing on international practices, through solid collaborations with the public and private sectors that further contribute towards economic diversification in line with the 2030 Economic Vision.

“We are extremely pleased to be entering into a partnership with BDB; this relationship stands testament to our ongoing success in managing and operating real estate properties in the Kingdom of Bahrain while keeping the interests and objectives of our partners as our highest priority,” said the CEO of Edamah, Mr. Amin Alarrayed.

As part of this agreement, Edamah will manage and operate Sitra Mall on a 3-year renewable contract, starting from April 2020. Edamah will be responsible for leasing out the mall units and for developing a revitalization plan supported by strategic goals aimed at increasing footfall and revenues.

“We take great pride in the high calibre of resources employed by Edamah and our qualified and skilled employees have enabled us to provide value-added real estate services of superior quality. We look forward to managing and operating Sitra Mall as part of our extensive real estate portfolio, and meeting the objectives of our BDB partners,” he added.

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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