Bahrain Real Estate Investment Company (Edamah), the real estate arm of Bahrain's sovereign wealth fund Mumtalakat, has announced a strategic partnership deal with Kanoo Real Estate, a division of the Yusuf bin Ahmed Kanoo Group to develop Pier 1890, a waterfront leisure and commercial destination on Manama Corniche, adjacent to the Shaikh Hamad Causeway.
The partnership was announced on the sidelines of the fourth edition of the Gateway Gulf Investment Forum which concluded yesterday (November 2) at the Four Seasons Hotel Bahrain Bay.
The agreement establishes a framework of co-operation between both parties to develop the project, which will span approximately 11,000 sq m and feature 25 commercial units comprising restaurants, cafés and upscale retail outlets, with a total leasable area of 3,000 sq m.
The partnership also paves the way for further cooperation and investment opportunities, reflecting Edamah’s strategy to expand collaboration with the private sector.
On the tieup, Edamah CEO Khaled Abdulrahman Al Majed said the company’s longstanding partnership with Kanoo Real Estate provides a strong foundation for this collaboration.
The partnership will support efforts to enhance quality of life, strengthen Bahrain’s real estate ecosystem, and contribute to the Kingdom’s economic diversification objectives, he noted.
Lauding the partnership with Edamah, Kanoo Real Estate CEO Mohsin Abdulnabi Haji described it as an important milestone for Bahrain’s real estate sector.
He emphasised that Pier 1890 is set to become an attractive leisure and tourism destination, which will draw visitors from Bahrain and abroad while helping advance the national urban development ambitions in line with Bahrain Economic Vision 2030, while reflecting Kanoo Real Estate’s efforts towards expanding its diverse real estate portfolio in the Kingdom.
The collaboration aligns with Edamah’s strategy to expand public-private partnerships that help generate sustainable returns and lasting economic impact. By bringing together its development capabilities and the expertise of established partners, the company remains committed to pursuing projects that stimulate commercial activity, create employment opportunities, and enhance the Kingdom’s investment appeal.
Furthermore, this partnership also reflects Kanoo Real Estate’s ongoing commitment to developing innovative and vibrant commercial destinations that are tailored to meet the aspirations and needs of the community, while driving the Kingdom’s urban development through impactful and sustainable projects, he added.-TradeArabia News Service