Following the successful completion of Souq Al Buhair’s redevelopment, Amlak Social Insurance Organization Development Company, the real estate arm of the Social Insurance Organisation (SIO), has announced plans to redevelop more local markets across the kingdom,

The Amlak move comes in line with the company’s strategy to serve the community and raise the standard of living.

Amlak is set to transform a total of 70 shops across three existing local community markets (Souq Abu Dhar, Souq Ibn Al Waleed and Souq Al Madina), the properties selected for redevelopment based on their popularity and strategic, vibrant locations that are easily accessible given their positioning in high-density areas of Isa town, Southern Governorate, said the company in a statement.

The redeveloped markets will raise the standard of retail offering for the local community by introducing modern, multi-purpose facilities with diversified retail shops aimed to cater to the daily needs of the neighbourhood and surrounding communities, it added.

Chairman Abdulrahman Yusuf bin Yusuf Fakhro said: "The vision behind the project is to enrich the Kingdom’s communities by strengthening business activities through the development of versatile markets to cater to surrounding residents, starting off with Souq Al Buhair."

"The project is in line with Amlak’s strategy to serve the community and raise the standard of neighborhood offerings, as well as its commitment to contribute to the Kingdom’s economic growth," he noted.

CEO Mohamed Abdulelah Alkooheji said: “The aim is to transform and redevelop the older, existing local markets in order to provide the community with revitalized markets enjoying unique designs that attract pedestrian footfall and ensure that visitors can easily access the shops, which is an important factor that is lacking in the current design."

"We are currently in preparation to initiate the demolition of the existing markets in order to commence construction work by the end of the second quarter of this year, with the aim of being operational by 2019," stated Alkooheji.

"Amlak’s strategy stems on achieving tangible benefits through a diversified portfolio in order to increase revenue and create sustainable wealth. The aim is to bridge real estate and market needs by investing in profitable development projects," he added.-TradeArabia News Service