Global Banking Corporation (GBCorp) has  appointed Global Real Estate Development Company (Gredco) as the development manager in charge of development and marketing of its $2.5 billion Marsa Al Seef project.

Marsa Al Seef, claimed to be the largest marina development in the Middle East, is one of the most exclusive and innovative waterfront projects in the Middle East. It is located on Bahrain’s northern coast,  which is the fastest growing business and leisure destination  on the island.

Gredco is an established company engaged in leveraging opportunities in the real estate sector. The company focuses on project and infrastructure development, plus offers a comprehensive portfolio of investment and management services.
 
Meanwhile, Maher A Aziz Al Shaer has been appointed as the new chief executive officer of Gredco. He will lead a high-calibre Marsa Al Seef team, based on the 18th Floor of GBCorp Tower in Bahrain's Financial Harbour district. Gredco will shortly begin sourcing developers and starting the marketing campaign of this unique three-year project.
 
Abdul Rahman Mohammed Al Jasmi, vice chairman and managing director of GBCorp and chairman of Gredco, commented: “GBCorp's business strategy is to build on the region's positive economic outlook, particularly in the Kingdom of Bahrain. We aim to capitalise on new opportunities which transcend global boundaries and serve as a unique accelerator for investments within the GCC”.  

“Marsa Al Seef covers approximately 26 million sq ft and is one of the most exclusive and innovative waterfront projects to be undertaken globally.

“The project is a celebration of maritime lifestyle – an amazing waterfront destination enriched with world-class amenities and lifestyle character. It will boast an unprecedented blend of unique residential, leisure, retail and entertainment opportunities for residents and visitors alike,” he added.

“Its swift access to major business centres, the Bahrain International Airport, the Saudi Causeway and the upcoming Qatar Causeway will all contribute to significantly boost Bahrain’s tourism industry.”
 
“Maher Al Shaer’s valuable experience in the real estate sector and strategic business approach are key fundamentals that add value to Gredco’s portfolio.”

Previously, Al Shaer has worked as the managing director of Al Retaj Holding Company; as the country head and vice president of asset management and development with Majid Al Futtaim Group in charge of Bahrain City Centre project; and he also as the general manager of Seef Properties, Bahrain. -TradeArabia News Service