Full occupancy at key First Bahrain project
Manama, December 8, 2011
First Bahrain, the Kuwaiti real estate company, has achieved full occupancy at its flagship project the Majaal warehousing development in Bahrain.
The company was able to fully lease small and medium enterprises (SMEs)-focused warehousing and industrial workspace facility at the Bahrain Investment Wharf (BIW).
Majaal has attracted a diverse and stable portfolio of tenants representing a broad range of sectors and business activities with leases averaging nearly four years.
"We are pleased to announce that First Bahrain has achieved full occupancy of Majaal Phase I within the first 18 months of operation," said First Bahrain chairman Salah Ahmed Al Wuhaib.
"Moving ahead, we will focus on the expansion of the second phase of Majaal at BIW, which will be more than double the size of the facility," he said.
"We are also preparing to grow Majaal regionally, with planned expansion into Saudi Arabia," he said. "We are in the advanced stages of this effort and we hope to be making major announcements about a partnership to facilitate this new venture soon.”
"The achievement of full occupancy in the midst of the current market environment is a great testament to the quality of our development and the innovations it represents," said First Bahrain general manager Amin Al Arrayed.
"The achievement is also a testament to our team's ability to execute and deliver value to both the market and our shareholders.
"We look forward to the expansion of Majaal both in Bahrain and across the region," he added.
The Majaal warehousing development is located within the Salman Industrial City at BIW. It provides easy access to Khalifa Bin Salman Port and other major transport links in Bahrain.
Majaal presently offers 130,000 sq ft of secure, flexible and cost- effective storage spaces.
The SMEs-focused warehouse and logistic facility is designed to service the needs of the industrial sector.
The convenient and high-quality units at Majaal are complemented with a set of services that include 24-hour, seven days a week security, state-of-the-art information communication technology provisions and assistance in design and fit-out. – TradeArabia News Service