Bahrain Real Estate Investment Company (Edamah), the property arm of the Kingdom's sovereign wealth fund, will be acquiring 36.6 per cent of the shares in the Bahrain Car Parks Company, a publicly-listed company on the Bahrain Bourse.
The company specialises in the construction, development and management of parking lots, subject to obtaining the required regulatory approvals.
The acquisition comes as part of Edamah’s long-term strategy to develop new projects, renovate previous projects, and manage them to global standards, implementing best industry practices while seeking to meet the needs of the market and creating value for the entire local community at large.
“It gives us great pleasure to be working with entities in the private sector to cooperate with a publicly listed company, Bahrain Car Parks Company. This marks a pivotal moment and will contribute to improving the level of services offered in the Kingdom. We also look forward to establishing partnerships with entities in the private sector in the future in order to further develop the facilities available to the public,” said the chief executive officer of Edamah Amin Alarrayed.
“Investing in Bahrain Car Parks Company reiterates our commitment to manage a diverse business portfolio while achieving our mission of developing a robust real estate portfolio, which further cements our reputation as one of the leading property developers in the Kingdom,” he added. – TradeArabia News Service
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