Bahrain-based Seef Properties signed a partnership agreement with Muharraq Mall Company announcing their acquisition of a 50 per cent stake in the upcoming Muharraq Seef Mall near Arad Fort.

The new partnership paves the way for the development of the BD18.7 million ($49.6 million) project whereby Seef Properties will be responsible for the leasing and management of the mall which is projected to open by the third quarter of 2014.

Integrated with the new corniche constructed along Arad Bay, the Muharraq Seef Mall has a total leaseable area of 30,000 sq m and will have on-grade parking with retail space spread over two levels.

The project will contain retail and leisure outlets and has been designed to cater for the needs of the residents living in Muharraq and visitors alike. The project includes an open-air amphitheatre that will be used for public and cultural events.

"This acquisition marks an important milestone in the evolution of Seef Properties as it becomes the leading mall developer in Bahrain," said Seef Properties chairman Shaikh Abdulla bin Khalifa Al Khalifa.

"We see this project as an important facility for the residents of Muharraq, and also an indicator of business confidence in Bahrain. We hope to be able to announce further acquisitions or developments in the near future."

"We are delighted with our partnership with Seef Properties," said Muharraq Mall Company chairman Adnan Al Bassem. "Their backing of the project and the experience they bring will add significant value and ensure the success of the project.

"We are also extremely grateful to the Muharraq Club, as the owners of the land, for their assistance in facilitating the new partnership." – TradeArabia News Service