GOP signs MoU with EDAMAH to develop Bahrain Logistics Zone
· Serviced facilities in region’s first boutique logistics zone to be developed by Bahrain Real-Estate Investment Company (Edamah)
· Construction of warehouses, office and retail space to begin in Q4 2008
The General Organisation of Sea Ports (GOP) and Bahrain Real-Estate Investment Company (Edamah), one of Bahrain’s leading real estate development companies, today signed a Memorandum of Understanding (MoU) to develop serviced facilities at the Bahrain Logistics Zone starting in Q4 2008.
The MoU was signed today at the offices of the GOP in Hidd by Hassan Ali Almajed, Director General of the General Organisation of Sea Ports, and Ma’amoon K. Al Moayyed, CEO of Edamah.
Edamah will develop, in conjunction with GOP, serviced facilities for the Bahrain Logistics Zone, which is the region’s first boutique logistics area. These will include serviced warehouses, offices and retail space for tenants of the one square kilometre customs-free area. Edamah’s work will include design, construction and commissioning of these facilities.
Hassan Al Majed, Director General of the General Organisation of Sea Ports, said:
“The Bahrain Logistics Zone represents an exciting opportunity for organisations looking for a regional logistics hub to reach the crucial markets of the Arabian Gulf. An integral part of our offer is the provision of world-class serviced facilities and we require an expert partner to deliver these.
“Edamah has the know-how of delivering progressive, high quality developments which is a perfect fit for the Bahrain Logistics Zone. We believe this is the right partnership, and we are very enthusiastic about joining forces with Edamah.”
Ma’amoon K. Al Moayyed, CEO of Edamah said:
“One of Edamah’s central principles is to set modern rules and practices in our developments, leading the way in sustainability and innovation. We look forward to bringing this approach to one of Bahrain’s most exciting new commercial opportunities – the Bahrain Logistics Zone.
“In joining with the General Organisation of Sea Ports, we are making a firm commitment to developing world-class, investment grade serviced facilities at the site.”
Work is near completion on infrastructure elements of the Bahrain Logistics Zone, including all roads, utilities and telecommunications networks, which have been undertaken by the Ministry of Works.
When complete, the Bahrain Logistics Zone will be fully integrated with Bahrain’s new Khalifa bin Salman port, which will have a capacity of 2.5 million TEUs (twenty-foot equivalent units). The Bahrain Logistics Zone is also in close proximity to the causeway linking Bahrain to Saudi Arabia and the planned causeway to Qatar, as well as to Bahrain International Airport
Tenants will be able to lease either plots at the site or pre-built serviced warehouses, offices and retail space. They also benefit from a range of services designed to provide a one-stop shop for all their setup requirements, including registration, licensing and visa processing.
The establishment of Bahrain Real Estate Investment Company “Edamah”, represents a strategic direction by Bahrain Mumtalakat Holding Company.
Edamah enjoys the distinction of being exclusively the company which manages public real-estate properties and lands. Since its inception the company’s declared/authorized capital touched BD 500 million with a Paid-up Capital of BD 100 million and Assets value of BD 1 billion.
