Bahrain Real Estate Investment (Edamah) has signed a co-investment and development framework with Retal Urban Development, one of Saudi Arabia's leading real estate developers, for the launch of a mixed-use project featuring more than 700 residential and retail units, thus marking Retal's foray into the Bahrain real estate market.
Announcing this at the fourth edition of Gateway Gulf, Edamah, the real estate arm of Bahrain's sovereign wealth fund Mumtalakat, said the framework sets out the basis on which the two companies intend to jointly invest in, develop and manage a phased mixed-use project within the Bilaj Al Jazayer masterplan.
Bilaj Al Jazayer is one of the flagship projects in Edamah's portfolio and Bahrain's largest integrated beachfront destination, combining public beaches, hospitality, leisure and mixed-use residential offerings within a comprehensive masterplan.
In line with Bahrain Economic Vision 2030, it aims to create a vibrant destination for residents and visitors and to support the growth of the tourism and hospitality sectors.
The collaboration brings regional investment and development expertise to Bilaj Al Jazayer, strengthening its offering as an integrated destination for living, tourism and leisure. The project is expected to comprise more than 700 residential and retail units, said Edamah on the sidelines of the two-day event.
An invitation-only investment forum hosted by the Bahrain EDB, the Gateway Gulf concludes tomorrow (November 2) its fourth edition.
CEO Khaled A.Rahman AlMajed said: "This framework with Retal is an important step forward in the development of the Bilaj Al Jazayer masterplan. Working with leading regional developers who bring proven delivery and investment capabilities allows us to accelerate the masterplan's next phases and attract new investment that will drive progress in the masterplan and strengthen its appeal to residents, visitors and investors."
"It also reflects the high quality of opportunities available to current and prospective investors in Bahrain's real estate sector, and the value of strategic partners in delivering projects with lasting economic impact," stated AlMajed.
The collaboration reflects the depth of economic and investment ties between the Kingdom of Bahrain and the Kingdom of Saudi Arabia, and opens new avenues for cooperation between developers in both countries, he added.
Retal CEO Eng. Kamal bin Ahmed Mohammed said this framework was a strategic milestone in Retal's regional expansion and its first investment step into Bahrain.
"We look forward to bringing Retal's experience in integrated developments to deliver a distinctive project within Bilaj Al Jazayer that meets market demand and modern urban living standards. We see Bahrain as a promising market with attractive investment opportunities, and we aim to build on this collaboration to explore further opportunities together," he added.
The framework supports wider efforts to increase joint investment between Bahrain and Saudi Arabia and to broaden the role of the private sector and regional developers and investors in major projects. This in turn supports economic diversification, job creation and growth in the sectors linked to real estate development and strengthens Bahrain's attractiveness as an investment destination.-TradeArabia News Service
