$66m shopping complex on the way in Bahrain
Manama, August 25, 2009
Eskan Bank and Seef Properties have signed a joint venture agreement for the development of a BD25 million ($66.3 million) shopping complex in the Saar area.
Eskan Bank will be appointed as financial advisers for the project and Eskan Properties will be appointed as development managers.
Seef Properties will be appointed as property managers following the completion of the project.
The project will be developed on adjacent lands owned by Eskan Bank and Seef Properties where Saar Cinema is currently located.
The area of the land is around 20,000 sq/m. The project will include shops, entertainment facilities, cinemas and an executive office for the mall management.
Work is expected to commence at the beginning of next year and will take around two years for completion.
'Eskan Bank has participated in this project as a result of the bank's chairman's and board's commitment to the importance of developing of shopping complexes and community projects for the development of residential areas,' said Eskan Bank general manager Sabah Almoayyed.
'This initiative is part of the future geographic expansion for the real estate development of the cities and rural areas as well as the distribution of the facilities and investment projects in all residential areas and not only in certain places but throughout Bahrain.
'This will help the economic development and will enhance the Bahraini community and will establish job opportunities in residential areas.
'The idea behind establishing this shopping complex is a response to the continuous demands in that area, especially that the Saar area is considered as one of the new areas that is encountering a noticeable economical progress, which led us to realise the importance of developing this mall that we hope will help in the development of the area and its economical progress and will facilitate the lives of the residents of Saar and adjacent areas,' she said.
'We highly appraise the fruitful co-operation with Eskan Bank which will be an initiative to future co-operation for the development of other projects,' said Seef Properties chairman Abdul Rahman Fakhro.
'We fully believe in the importance of the development of this shopping complex in a vital area such as Saar. The shopping complex will also provide family entertainment facilities.'-TradeArabia News Service