Bahrain’s Eskan Bank has announced 140 investment opportunities to develop and repurpose heritage properties across six neighbourhoods in Muharraq, as part of the first phase of the Muharraq Development Project.
The initiative, launched in co-ordination with the Bahrain Economic Development Board, aims to preserve the historic district’s cultural identity while encouraging investment and bringing traditional properties back into use.
This comes following the Royal Order of His Majesty King Hamad bin Isa Al Khalifa to preserve the historical and cultural identity of the buildings and cities of the kingdom, revive Isa Al Kabeer Palace, and develop Muharraq while safeguarding its historical and cultural identity.
The project comes in line with the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, and according to the Environmental, Social and Governance (ESG) principles for Heritage Properties.
Speaking on the occasion, Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning and Chairperson of the Board of Directors of Eskan Bank, affirmed that the launch of these investment opportunities under the Muharraq Development Project aligns with ongoing efforts to preserve the historical and cultural identity of the Kingdom of Bahrain and enhance the sustainability of heritage areas through their development and revitalisation, while maintaining their authenticity and meeting the requirements of modern urban development.
She said opening the door for the private sector to invest in entire historic fereej neighbourhoods represents an important step towards the comprehensive revitalisation of old neighbourhoods, preserving their architectural identity, strengthening their economic and cultural vitality, and creating attractive destinations for living, working and visiting.
The integration of urban development works with investment opportunities represents one of the key pillars underpinning the sustainability of the Muharraq Development Project, stated the minister.
She emphasised the importance of public-private partnerships in establishing sustainable economic and cultural activities that contribute to supporting the national economy.
Al Rumaihi also commended the ongoing coordination between Bahrain EDB, Eskan Bank and relevant entities to promote the available investment opportunities and attract investors, supporting the achievement of the project's long-term development objectives.
Abdulla Taleb, General Manager of Eskan Bank, affirmed that the launch of 140 investment opportunities under the Muharraq Development Project marks an important milestone in the Bank's efforts to develop a heritage property investment portfolio in accordance with ESG principles.
"Through these opportunities, investors can participate in projects that generate sustainable economic value while creating a
social and cultural impact that helps preserve the city's architectural identity," he stated.
He explained that the opportunities span the ownership and development of entire historic fereej neighbourhoods, individual heritage properties and designated areas within the project boundaries.
This range offers investors diverse options suited to the nature of each property and its potential future uses.
Developing entire neighbourhoods in an integrated manner, he noted, allows heritage buildings to be repurposed under a unified vision, preserving the authentic urban fabric while supporting the sustainability of economic and community activities within these areas.
Taleb pointed out that Eskan Bank was working closely with Bahrain EDB and relevant entities to promote these opportunities and attract investors and institutions interested in revitalising historic areas.
"As the project's implementation phases progress, the Bank will continue to introduce further opportunities, strengthening private-sector partnerships and supporting sustainable investment in heritage properties," he added.-TradeArabia News Service
