Majaal in deal for $20m industrial facility
Manama, October 9, 2013
Bahraini firm Majaal has signed an agreement with Kuwait's Al Mazaya Holding to oversee the development and leasing of a new $20 million industrial facility at the Bahrain Investment Wharf (BIW).
To be located at the Bahrain Investment Wharf (BIW), the project represents foreign direct investment in the kingdom and is a strong vote of confidence in the economic recovery presently underway, reported the Gulf Daily News, our sister publication, citing a company statement.
Al Mazaya has selected Majaal to provide consulting services beginning with a feasibility study, continuing with oversight of the design and construction process and concluding with leasing of the facility.
Majaal has developed expertise in each of these areas in the development of its own properties since its founding in 2008.
This signing follows the announcement of a $13 million financing package arranged with BMI Bank to pay for the construction of Majaal's own development at BIW along with its signing with the Abudawood Al Saffar Company as the anchor tenant for the facility.
Al Mazaya Holding chairman Rashid Al Nafisi said the new project will come up on the company's 27,605 sq m of leasehold land at the BIW.
The facility will offer more than 140,000 sq ft of secure, flexible and cost effective industrial facilities for small and medium enterprises (SMEs) supporting a broad range of businesses.
The Kuwaiti company's acting chief executive Ibrahim Al Sagabi said Majaal will not only manage the project development, including the selection of engineering offices and qualified contractors, but also be responsible for attracting tenants.
"Majaal has ample experience in the Bahraini market, after the successful implementation of its own projects," stated Al Sagabi.
Majaal, a focussed industrial facilities provider, said this opens up a new line of business for it.
The company's managing director Amin Al Arrayed said they would be working hard over the next year-and-a-half to deliver on all aspects of the agreement, both in terms of quality and in keeping with the agreed timeline.
"We will show ourselves to be worthy of the trust that Mazaya has placed in us as we prove that we can deliver for third parties in the same way that we have delivered for our own company," he added.-TradeArabia News Service