In a significant initiative Kuwait-based Gulf Holding Company (GHC) and Aswaq Management & Services (AMS) today announced the signing of a Memorandum of Understanding (MOU) for setting up of a joint venture company ‘Gulf Management Services’ (GMS).
As per the agreement, Gulf Management Services (GMS) with a total paid-up capital of US$ 300,000 will offer Property Consultancy & Assistance during Design, Construction and Pre-Opening Phases, Sales & Leasing Assistance, Design & Fitting Coordination, Rental Management, Property & Facility, Operation and Marketing Management, exclusively in Kuwait, Bahrain & Qatar. Jointly managed by Gulf Holding Company and Aswaq, GMS will be headed by H.E. Nasser Al Nowais as Chairman and Mr. Ahmad Al Ameer as Vice Chairman.
Commenting on the development, Mr. Ahmed Al Ameer, Vice-Chairman & Chief Executive Officer (GHC), said: “Having successfully designed and launched two significant realty projects with a total project outlay of US$ 900 million, namely, Villamar @ the Harbour and Downtown Al Areen, we took a strategic decision of traversing the entire value chain in the realty sector. Aswaq's robust regional experience and an impeccable track record perfectly complemented GHC's vision and expertise, and thus our board agreed and approved the signing of the MOU with Aswaq to set-up GMS.”
GMS has commenced operations with the two large scale captive accounts in the form of Villamar @ the Harbour and Downtown Al Areen. GMS has already in a short span since its inception secured confirmed bookings for over 25 per cent (equivalent to approximately 73,000 m2) of all retail space at Downtown Alreen. This development gains significance as it involves acclaimed international retail operators looking at setting up operations in Bahrain for the first time. While Villamar @ the Harbour, which is the first and only residential component of the landmark Bahrain Financial Harbour (BFH), is a highly differentiated and Bahrain’s most futuristic residential development, Downtown Al Areen, which is located within the Al Areen development, is the Kingdom’s only true Downtown district.
AMS is a joint venture established in 1999 between the French Property Consultancy & Management Company Societe des Centres Commerciaux (SCC), formed in 1962 and providing its services to over 70 different projects in Europe (France, Spain, Italy Belgium and Greece); Furthermore, AMS is also currently involved in providing assistance to various mixed use developments in Abu Dhabi and Dubai through its affiliated companies in Beirut (Beirut Real Estate Management & Services formed to handle the Solidere Beirut Souks project) and in Amman (Amman Real Estate Management & Services formed to handle Al Abdali Project).
Elaborating on the agreement, H.E. Nasser Al Nowais, Chairman (AMS) said: "We at Aswaq are delighted to be associated with GHC and the two landmark real estate projects, Downtown Al Areen and Villamar @ the Harbour. Having worked on several prestigious real estate projects across the region and internationally, it's our pleasure to bring our varied and rich experience to the table. We are extremely confident and upbeat that through this JV we have managed to successfully pool in the best resources in the industry. GMS with its in-depth knowledge of local as well as international markets will be successful in providing services of optimum level."
About Gulf Holding Company (GHC)
Launched in November 2005, in the State of Kuwait, Gulf Holding Company is a Sharia’ compliant company. Gulf Holding Company has been specially set up to initially offer cutting-edge real estate investment products and services. In the long-term the company aims at diversifying in to a trusted holding company that boasts of smart, intelligent and value driven investment products and services. Core to its business model is the Signature Series which not just ensures Gulf Holding Company and its investors’ higher premiums and returns, through the exclusivity quotient, but also a very strong differential.
With a total paid-up capital of KD70 million, Gulf Holding Company initially floated a KD69 million placement offer to tap the investment potential of the real estate and infrastructure sectors of the region.
Today, the company already boasts of investments totalling US$ 900 million in two large-scale real estate developments in the Kingdom of Bahrain, namely: Villamar @ the Harbour at the Bahrain Financial Harbour and Downtown Al Areen at the Al Areen development.
Aswaq Management & Services (AMS)
Aswaq Management & Services, the representative of Société des Centres Commerciaux in the GCC area, was established in Abu Dhabi UAE in 1999 as a joint venture between H.H. Sheikh Mohammed Bin Suroor Al Nahyan, H.E. Nasser Mohd. Al Nowais and Sociйtй des Centres Commerciaux.
Société des Centres Commerciaux is a French company established in Europe in 1962 and is involved in over 70 projects in Europe. SCC was also the first company to open a Shopping Mall in France to complement 7000 new residential apartments in the suburb of Paris known as Parly II - Le Chesnay. Since then, Aswaq Management & Services and SCC have become part of the most established Shopping Mall experts in Europe and the Middle East.
AMS is providing its assistance to various Mixed Use Property Development in Abu Dhabi, Dubai and through its affiliated companies in Beirut (Beirut Real- Estate Management & Services for the Solidere Beirut Souks project) and in Amman(Amman Real Estate Management & Services) for the Al Abdali Project)
