GOP ties up with Edamah
Manama, June 11, 2008
The General Organisation of Sea Ports (GOP) and Bahrain Real-Estate Investment Company (Edamah), one of Bahrain’s leading real estate development companies, have signed a Memorandum of Understanding (MoU) to develop serviced facilities at the Bahrain Logistics Zone (BLZ) starting in the fourth quarter of 2008.
The MoU was signed at the offices of the GOP in Hidd by director general of the GOP Hassan Ali Almajed and CEO of Edamah Ma’amoon K Al Moayyed.
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, said an official spokesman.
“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,” said Almajed.
“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.”
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.
“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,” said Al Moayyed.
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/authorised capital touched BD500 million ($1,330 million) with a paid-up capital of BD100 million and assets value of BD1 billion.- TradeArabia News Service