Amlak, the real estate investment arm of Bahrain's Social Insurance Organization (SIO), is set to transform ‘Souq Al Buhair’ into a modern mixed-used facility catering to the demand of the neighbourhood.

The company has appointed Al Hedaya Contracting for the revamping of ‘Souq Al Buhair’.

Strategically located in East Riffa, Souq Al Buhair is in close proximity to a number of commercial and residential areas along with educational and medical institutions in the kingdom.

The renovated suq will include 30 retail units and will be ready by mid-2017, said Amlak’s chief executive Mohamed Abdulelah Al Kooheji after signing the agreement with Sayed Jawad Sayed Hashim Al Alawi of Al Hedaya Contracting at a ceremony held at Amlak’s headquarters in Bahrain Bay.

Kicking off with the overhaul of Souq Al Buhair, Amlak has put together a strategic plan to redevelop all existing markets under its portfolio.

Under this new scheme, the company aims to either redevelop or maintain the suqs in order to accommodate more tenants and offer further services to the residents.

"Al Hedaya Contracting is backed with a wealth of experience and knowledge in construction and urban development and we are looking forward to the development of this robust project," said Amlak’s chairman AbdulRahm Yousif bin Yousif Fakhro.

"The vision behind the project is to create a mixed-use, attractive, economically successful and vibrant souq that can service the needs of the community," stated Fakhro.

"We aim to redevelop or maintain all the suqs under the real estate portfolio of the SIO. Amlak currently has 12 suqs under its umbrella and a thorough study is in place to further understand the development criteria of each market," he added.

Among the new projects is ‘The 66’, a six-storey residential building located in Umm Al Hassam which includes fully-furnished apartments along with a well-equipped recreational floor. Work is likely to start on the project by December.

Another key development on its list is ‘Mirage Palms’, a residential compound to be developed in Janabiya accommodating 30 residential units. Construction work will begin early next year.

Al Kooheji said: "The renovated Souq Al Buhair will meet the complete needs of the residents. It will be positioned as the ideal destination for their daily activities from shopping to entertainment."

According to him, Amlak is a demand-driven organisation and aims to create long-term prosperity for Bahrainis and the community by managing and developing smart and sustainable investment opportunities with an aim of protecting SIO’s real estate investments.

"We are currently looking at a number of investment opportunities, both commercial and residential, across key locations in the kingdom," he added.-TradeArabia News Service