Manara seals Gulf Property Show sponsorship
Manama, May 5, 2013
Manara Developments has inked a strategic sponsorship agreement with the Gulf Property Show 2013, being hosted for the first time in Bahrain under His Royal Highness, Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain from May 7 to 9.
The exhibition will host a wide array of industry players of which have a prominent involvement in the property and real estate development sectors.
Commenting on the tieup, managing director Dr Hasan Al Bastaki said, "Manara, as the leading real estate development company in Bahrain, and a major player in the development of affordable high value housing, has taken the initiative to mark its impact in this event, being held under HRH Prince Khalifa, who has diligently steered this tremendous growth over the past decades."
Dr Al Bastaki pointed out that the Gulf Property Show 2013, being held in conjunction with the Gulf BID and Gulf Interior, presents an opportunity for the company to showcase its property and real estate solutions, and presents the audience with the latest advancements in the sector, of which delivers great impact to the Economy of the Kingdom.
He stressed the importance of the real estate sector amongst the major indicators of economic growth in Bahrain, and the most sensitive, as the first quarter of this year presented a strong upturn in the property trade market in Bahrain amounting to a total over BD191 million ($499 million), thus registering a growth of 35.6 per cent from the previous spring of 2012.
This growth was mainly due to Bahraini’s, as well as GCC residents and expatriates alike who took part in property trading in the kingdom, indicating a strong investment environment in the country's economic climate after the turbulences presented by the economic crisis in 2008.
“Our involvement as a strategic sponsor of this exhibition, aims to complement this property and real estate growth, and further supports the governments efforts and strides to seek adequate housing solutions,” remarked Dr Al Bastaki.
"Over the past years, ”Manara” has actively established its presence in various industry exhibitions. Thanks to its balanced strategies, bringing human-driven expertise, and confidence in the Bahraini real estate market, “Manara” has established its leading position in the real estate development sector, despite the economic struggles that were felt globally over the past five years," he noted.
“Manara” was confident through its industry knowledge, and in light of the government’s efforts to support the Kingdom’s economic activity, that these exceptional circumstances are short-lived and the sector will soon recover, he stated.
Dr Al Bastaki said “Manara” will be showcasing its key development projects, primarily focusing on housing projects for middle income earners, at the upcoming expo.
Amongst various ongoing projects, Wahat Al Muharraq, which is now in its first and second developmental phase and Tubli Gardens, that has reached its third phase, have driven the highest interest amongst prospective homeowners.
He also stressed that “Manara” will invest through its active role in this exhibition, the launch of a major project in the governate of Muharraq, and expecting great interest amongst its targeted segment.
Moreover, Manara is working towards the development of several residential projects directed to middle income earners in the Capital Governorate, Muharraq Governorate and the Northern governorate, in addition to other projects of an light industrial nature, said the top official.
The company had recently launched an agreement with Eskan Bank aiming to entitle beneficiaries of housing loans to own properties in Tubli Gardens.
As part of this agreement, Bahrainis benefiting from Government housing loans and Eskan Bank commercial loans could purchase property with the option of repayment in installments depending on the building phases as per an agreement between the three parties, he added.-TradeArabia News Service