Bahrain Real Estate Investment Company (Edamah) has signed a deal with logistics company Trafco Group for renewal of a lease that will see the firm provide land from its portfolio for Trafco projects.

Edamah, the real-estate arm of Bahrain Mumtalakat Holding Company, the kingdom's sovereign wealth fund, said this agreement would provide significant boost to Bahrain Food and Beverage (F&B) industry.

This is in line with Edamah’s commitment to supporting and strengthening vital private sector projects, increasing the private sector’s contribution to the national economy, and advancing sustainable development, remarked CEO Amin Al Arrayed after signing the deal with Trafco Chairman Ibrahim Zainal.

"Edamah is fully committed to supporting Trafco in its initiatives to develop the Food and Beverage industry in Bahrain, which plays a key role in advancing the kingdom’s economic diversification and food security agenda," stated Al Arrayed.

Trafco is a public shareholding company listed in Bahrain Bourse. In the last four decades the company has emerged as one of the major companies dealing in foodstuff and fast moving consumer goods (FMCG) industry in Bahrain.

The group's core business is import and distribution of food and non-food products, logistics and related activities and with group annual sales turnover of over $100 million, Trafco is one of the largest FMCG conglomerates in the kingdom.

Zainal said Trafco was keen to put on record its appreciation to Edamah’s management for supporting its projects.

"The collaboration and assistance we have received from Edamah has enhanced our ability to provide logistical services and reinforce Trafco Group’s position in the local Food and Beverage industry – one of the most important sectors for the citizens and residents of Bahrain," he noted.

The lease comes at a time when Edamah is embarking on its new strategy under its new board of directors and CEO.

Highlighting the increasing importance of the private sector within the national economy, Al Arrayed said: "The impressive growth of private enterprise in recent years has encouraged state investment companies to continue their investment pipelines."

Edamah's projects include the Sa’ada waterfront development and the newly opened The Terminal in Adliya. In addition, it will also concentrate on the industrial and leisure and entertainment sectors, he added.-TradeArabia News Service