Friday 7 August 2020

Executive Members of Edamah and KHCB

Edamah, KHCB sign $11.8m deal to develop car-park

MANAMA, October 13, 2019

Bahrain Real Estate Investment Company (Edamah) has signed an agreement with Khaleeji Commercial Bank (KHCB) to finance Edamah’s 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.

The project is set to be completed by the year 2020. Work on the project began as of September 15, with mobilisation already completed at the site. 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 the Kingdom of Bahrain and deliver projects that serve its citizens.”

Sattam Algosaibi, CEO of KHCB, said: “We are delighted to partner with Edamah for the financing of the Salmaniya Carpark Development, which is a vital project that will help facilitate citizens’ access to medical services. This reiterates our keenness to enter into strategic partnerships, in addition to supporting our government’s direction towards the development of the Kingdom.”

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 by setting it up on vital areas where such projects are increasingly needed.

In addition, the building, which occupies a strategic point northeast of the complex over a wide area of 5,700 sq m and is surrounded by two major streets, will improve the smoothness of traffic and provide crucial access to emergency centres. – TradeArabia News Service


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