Manara Developments, a Bahrain-based real estate development company, has signed a memorandum of understanding (MoU) with Chase Perdana, a leading Malaysian construction firm, towards developing the investment park of Al Hidd city.

Manara Developments, established by Al Salam Bank - Bahrain signed the MoU on behalf of Amar Holding Company, a company partially owned by Al Salam Bank – Bahrain.

Under the MoU, both parties plan to work together to develop numerous projects in the investment park of Al Hidd city in Bahrain, as well as provide the required financing for these developments.

The signing of this MoU is in line with Manara’s commitment to bring new insights to the local market and fulfill the growth of the logistics services sector in alignment with the Bahrain Economic Vision 2030.

The joint venture between Manara Developments and Chase Perdana will serve to further the development of a circa 60 hectare investment park site in the Al Hidd city comprising a complementary of warehouses and logistics facilities in addition to accompanying services such as business offices, worker and senior executive accommodations, commercial showrooms and big box retailers.

“We are looking forward to working with Chase Perdana to transform the main master plan of the investment park to reality through a number of projects,” said Dr Hasan Al-Bastaki, Manara’s managing director.

“Manara Development’s vision and long-term commitment to contribute, alongside other large investment projects, to the Kingdom’s economic prosperity, as per Bahrain’s Economic Vision 2030, falls perfectly in line with our plans for this project.”

“Furthermore, this development will create rewarding employment opportunities for Bahrainis as it is expected to attract foreign investment due to its strategic proximity to the new Khalifa Bin Salman Port and Bahrain International Airport,” added Dr Al Bastaki.

“We are glad to be partnering with an industry leader such as Chase Perdana to help in realizing the full potential of this project.”

Sarin Swami, executive director of Chase Perdana, said: “We are very keen to establish a long-term working relationship with Manara Developments, a developer that aims to deliver projects that stimulate economic growth and leave a positive and lasting imprint on the surrounding area as a whole.”

“Manara’s plans are perfectly aligned with our Company’s vision to expand and grow our regional presence, and establish the Chase Perdana’s name as the premier construction company in the GCC,” he added.

Chase Perdana is a renowned provider of construction and property development services in Malaysia, with an international track record spanning the residential, commercial and leisure sectors.

Its subsidiaries also offer a multitude of services including project development, designing & building turnkey construction, investment and property management.

As for the development program of the investment park, Dr Al Bastaki said: “Dredging and reclamation works on the project site are due to commence in the third quarter of 2009 whilst construction works are planned to start in mid 2010.” – TradeArabia News Service