Over 70% of the commercial units of the Sa’ada waterfront project, implemented based on the directives of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, have been leased out so far, Bahrain Real Estate Investment Company (Edamah), the real-estate arm of the sovereign wealth fund of the Kingdom of Bahrain, has revealed.
Commenting, Edamah CEO, Amin Al-Arrayed, said that the project’s success in attracting world-famed and local brands, famous restaurants and fitness halls reflects keenness to implement HRH Premier’s vision.
He also paid tribute to the Deputy Premier and Board of Directors Chairman of the Bahrain Mumtalakat Holding Company (Mumtalakat), Shaikh Khalid bin Abdulla Al Khalifa, for his close follow-up on the progress of the project.
Al-Arrayed indicated that some of the tenants have already started operating their commercial activities partially, while the remaining ones have not begun yet due to the circumstances resulting from the spread of the novel coronavirus (COVID-19).
He stressed that the remaining nine commercial outlets will be offered for lease at competitive prices, in accordance with the same principles applied while leasing the other 25 outlets.
Al-Arrayed indicated that Edamah had completed the first phase of the project according to schedule.
The company had invested BD 7 million in the first phase, built on a total area of more than 13,000 square metres, and including multi-purpose commercial outlets, restaurants, entertainment halls, sports halls, a park and public spaces, he said, adding that work has started in the second phase of the project.