Edamah eyeing stake in car parks company

MANAMA: Bahrain Real Estate Investment Company (Edamah), the real estate arm of Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the kingdom, is planning to acquire a stake in Bahrain Car Parks Company.

It signed a memorandum of understanding (MoU) which will allow both companies to complete legal procedures and evaluation process for Edamah to acquire a stake in Bahrain Car Parks Company, in exchange for the transfer of operational utilisation rights for a period of 99 years in one of the parking buildings owned by the company.

The MoU also assigns Bahrain Car Parks Company as the exclusive manager of all car park buildings owned by Edamah.

The MoU is part of Edamah’s larger long-term strategy to develop new projects, renovate previous projects and manage them to global standards and best practices.

Edamah chief executive Amin Alarrayed said: “The MoU builds an effective framework to bring a valuable addition for the company, to expand its real estate investment and management efforts into car park buildings. Revamping current properties that support the trade and tourism sectors in Bahrain reflects our commitment to contribute to the growth of the national economy.”

Bahrain Car Parks Company chairman Ismael Al Marhoon said: “We are delighted to have inked this collaboration with Edamah, which will establish mutual support in the management of parking areas. This agreement feeds into our primal strategy that focuses on developing and efficiently managing parking spaces aiming to provide services that meet the customers’ expectations. In addition to implementing the latest developments and introducing innovative and valuable services.”

Source: http://www.gdnonline.com/Details/444283/Edamah-eyeing-stake-in-car-parks-company

 

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