Top retailer takes 6 Lagoon units
Manama, June 3, 2007
Abu Dhabi Investment House (ADIH) has announced that retailing company Alshaya Trading Company will take six units in the Lagoon development.
Alshaya has committed to an uptake of 1825 sq m in the Lagoon and to introduce Starbucks, Le Pain Quotidien, Pizza Express, Gaucho Grill, and Sarai brands.
'It is our pleasure to welcome Alshaya Trading Company aboard as this marks yet another achievement for the Lagoon,' said ADIH chief executive officer Rashad Janahi.
'This initiative is a significant endorsement from a leading regional retail organisation on the benefits of partnering with the Lagoon for growth.
'The Lagoon has been designed to offer retailers, with top-of-the-line and essential amenities.
'With the addition of the Alshaya Trading Company, one of the region's leading retail giants, our efforts and endeavours to partner with the best-of-the-breed investors stand vindicated.'
M H Alshaya Company is one of the leading retail companies operating in the Middle East and is the franchisee for more than 42 International retail brands.
They include Debenhams, Mothercare, H&M, Foot Locker, Pearle Opticians, The Body Shop, Boots, MAC, Claire's Accessories and Starbucks Coffee.
Based in Kuwait, Alshaya operates more than 1,250 internationally branded stores across eight Middle Eastern countries - Saudi Arabia, Kuwait, the UAE, Bahrain, Qatar, Oman, Lebanon and Jordan in addition to Turkey, Cyprus, Poland and most recently Russia and Egypt.
'At Alshaya Trading Company we recognise the huge potential that Bahrain offers in the retail sector and are committed to optimally exploiting this opportunity,' said the company's chief executive officer Wassim Arabi.
'The Lagoon, on completion is definitely going to occupy the centre stage of this new emerging Bahrain.
'We are very excited about opening our new facilities in this landmark development.
'The agreement with ADIH is a natural progression of our business strategy and would ensure our continued status in the market.'
The $90 million Lagoon, part of Amwaj Islands off the coast of Muharraq, comprises eight low-rise buildings for high-end consumer retail, leisure and food and beverage outlets.
Covering a total land area of 55,000 sqm, the development is due for completion in September.
Made up of 2.75 million sqm of reclaimed land, Amwaj Island will accommodate more than 35,000 people and host educational facilities, commercial districts, and spectacular hotels and tourist attractions. - TradeArabia News Service
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