Wed, 04 September 2019
Bahrain Real Estate Investment (Edamah), the property arm of the Kingdom’s Sovereign Wealth Fund, has successfully acquired 36.6 per cent of the shares in the Bahrain Car Parks Company, a publicly-listed company on the Bahrain Bourse, which specialises in the construction, development and management of parking lots.
At its recent AGM, Bahrain Car Parks Company voted the appointment of a new board for the next three years, with Amin Ahmed Salem Alarrayed, Edamah’s CEO, as chairman.
He says: “In line with our strategic plans, we are seeking to develop additional projects and renovate existing ones, as well as modernise facilities available to the general public managing them all in line with international standards and best industry practices. We continue to take into consideration how to respond to the current needs of the market by tactically selecting development projects to stimulate economic growth and enhance the fabric of the Bahraini community.”
Edamah is currently working alongside Bahrain Car Parks Company to build a 600-vehicle, multi-storey parking facility at Salmaniya Medical Complex (SMC).