Al Salam to develop Bahrain IKEA mall
Manama, December 6, 2010
A consortium led by Bahrain-based Al Salam Bank has announced plans to develop a 100,000 sqm mall to be anchored by furniture giant IKEA in the Kingdom and open it for public in 2014.
The consortium, “JV Partners,” comprising Siraj Capital and Al Aoun Capital aims to develop a premium destination mall designed to meet local and regional consumer needs, said a top Al Salam Bank official.
The IKEA agreement was signed on Monday in the presence of Yousif Taqi, director and chief executive officer of Al Salam Bank-Bahrain, Dr Ghassan Al Sulaiman, chairman of IKEA Saudi Arabia, and Ed de Bont, expansion director from IKEA Sweden.
As the main mall anchor, IKEA’s retail outlet will cover an area of approximately 30,000 sqm, said Taqi who expressed pleasure to be the lead arranger for this strategic partnership with regional and international partners.
'Al Salam Bank-Bahrain through its real estate development subsidiary has launched several low and mid income housing developments and with this joint venture we aim to provide affordable alternatives to home products and accessories that complement our residential projects and reflects our social strategy commitment towards community.'
' This joint venture has studied closely the affordable furniture market and foresees the opportunity of meeting the consumer needs and caters to mid & low income families,' he added.
Dr Alsulaiman said, “Our relationship with IKEA goes back 29 years, and we are proud to be part of its growth in Bahrain and the region. IKEA Bahrain will also bring training and job opportunities to local Bahraini’s, and will attract additional large retail offerings to the Bahraini market.'
The affordable quality home furniture concept is the first of its kind to be introduced in Bahrain through IKEA, which designs and sells ready-to-assemble furniture and home accessories reflecting its extensive experience with international designs and specifications.
IKEA was founded in 1943 by a 17-year-old Invar Kamprad in Sweden. The concept of IKEA became a trademark for the affordable home products and it spread its franchise all over the world, he added.-TradeArabia News Service