GOP, Edamah in key logistics deal
Manama, June 11, 2008
The General Organisation of Sea Ports (GOP) and Bahrain Real Estate Investment Company (Edamah) have signed a MoU to develop serviced facilities at the Bahrain Logistics Zone starting the fourth quarter of this year.
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 sq/km customs-free area.
Edamah's work will include design, construction and commissioning of these facilities.
'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 GOP director general Hassan Al Majed.
'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,' he added.
'One of Edamah's central principles is to set modern rules and practices in our developments, leading the way in sustainability and innovation,' said Edamah chief executive officer Ma'amoon K Al Moayyed.
'We look forward to bringing this approach to one of Bahrain's most exciting new commercial opportunities - the Bahrain Logistics Zone.
'In joining with GOP, we are making a firm commitment to developing world-class, investment grade serviced facilities at the site.'
Work is near completion on infrastructure elements of the zone, including all roads, utilities and telecommunications networks, which have been undertaken by the Ministry of Works.
When complete, the zone will be fully integrated with Bahrain's new Khalifa bin Salman Port, which will have a capacity of 2.5 million 20-foot equivalent units.
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.
Edamah enjoys the distinction of being exclusively the company which manages public real estate properties and lands. Since its inception the company's authorised capital has touched BD500 million ($1326 million) with a paid up capital of BD100 million (265 million) and an assets value of BD1 billion ($2.65 billion).-TradeArabia News Service