Saturday 2 July 2022

Edamah seals lease agreement with Trident Warehousing

RIYADH, May 25, 2022

Bahrain Real Estate Investment Company (Edamah) has signed a 10-year lease agreement worth $7 million with Trident Warehousing for an 8,137-sq-m facility at Sitra Industrial Park. 
Edamah, the real estate arm of the kingdom's sovereign wealth fund, Bahrain Mumtalakat Holding Company, said the agreement was signed with the support of the Bahrain Economic Development Board (EDB).
As per the deal, Edamah will be working with Trident Warehousing and their business associate Hoover Circular Solutions, to create a facility that is suitable for their technical and operational requirements in order to increase their efficiency and production capability and support the delivery of the supply chain to their customers. 
Hoover CS is a leading provider of sustainable packaging and fleet management solutions based in Texas, US. 
Edamah Chairman and Mumtalakat CEO Khalid Al Rumaihi said: “Edamah continues to contribute to the economy of the Kingdom through projects that are aligned with Mumtalakat’s investment strategy. The industrial park will play an important role in the development of both the industrial and logistics sectors in Bahrain which will reflect in the economic growth of the country."
CEO Amin Al Arrayed said: "We are pleased to sign this agreement with Trident Warehousing to facilitate their operations in Bahrain, where they will be well-placed to take advantage of Bahrain’s strategic location and world-class logistics infrastructure."
Ahmed Sultan, the Executive Director of EDB’s Manufacturing, Transport & Logistics Sector, said: "Manufacturing is a key component of Bahrain’s economic recovery plan. There is an increasing demand for industrial facilities, and we are happy to have supported Edamah and Trident in this partnership."
Sitra Industrial Park includes a number of facilities for industrial, commercial, and logistical use, with the option of tailoring facilities according to tenants’ requirements. 
The 87,382-sq-m park will initially expand to include an additional 8,000 sq m in the near future to accommodate the increasing demand in this industrial sector. 
A major player in the real estate sector, Edamah’s diverse portfolio spans retail, hospitality, commercial and industrial properties across the kingdom. It aims to drive sustainable economic growth while also creating benefits for local communities.-TradeArabia News Service


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