01 November 2019

Bahrain Real Estate Investment Company (Edamah), he property arm of the kingdom’s sovereign wealth fund, has signed an agreement with Khaleeji Commercial Bank (KHCB) to finance its Salmaniya Medical Complex multi-storey car-park development for an amount of BD4.5 million ($11.8 million).

The signing ceremony was attended by Amin Alarrayed, chief executive officer (CEO) of Edamah, and Sattam Algosaibi, CEO of KHCB. This agreement is a major project milestone following the appointment of Alghanah Group as the main contractor.

Work on the project, set to be completed by 2020, began as of September 15. Excavation works for the foundations are currently in progress.

Alarrayed said: “We are extremely pleased to sign this financing agreement with KHCB. This is a key project as part of the pipeline of several strategic projects we have been developing in 2019 which comes in line with Edamah’s continued efforts to elevate the infrastructure in Bahrain and deliver projects that serve its citizens.”

This project is a reflection of Edamah’s strategic plans to reduce congestion around the Salmaniya Medical Complex, as the building will provide approximately 600 parking spaces for staff and patients alike, as well as enrich the service facilities as a whole.

In addition, the building, which occupies a strategic position northeast of the complex over a wide area of 5,700 sq m and is bounded by two major streets, will improve the traffic flow and provide crucial access to emergency centres.

Meanwhile, Edamah recently signed a lease and development agreement with Mayasem Holding to develop and operate an educational park in Isa Town’s education district. Spread across 16,293 sq m, the Educational Park is a first of its kind in the kingdom, boasting a state-of-the-art design and offering a unique learning experience to students, said Edamah. 

 A gated facility, it will be fully equipped with hi-tech education centres and halls which will be leased to schools and institutions.  

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