Edamah & KHCB ink deal to develop $11.8m multi-storey car park
An agreement has been inked between the Bahrain Real Estate Investment Company (Edamah) and Khaleeji Commercial Bank (KHCB) to finance the development of Edamah’s Salmaniya Medical Complex multi-storey carpark. The project will cost $11.8m and is expected to be complete in 2020.
The signing ceremony was attended by Amin Alarrayed, CEO of Edamah and Sattam Algosaibi, CEO of KHCB. According to a statement, the agreement is a major milestone in the project’s lifecycle, following the appointment of Alghanah Group as the main contractor.
“We are extremely pleased to sign this financing agreement with KHCB. This is a key project as part of the pipeline of several strategic projects we have been developing in 2019 which comes in line with Edamah’s continued efforts to elevate the infrastructure in the Kingdom of Bahrain and deliver projects that serve its citizens,” said Alarrayed.
Work on the project is said to have kicked off on September 15 and mobilisation onsite has already been completed. Excavation works for the foundations are currently in progress, the statement said.
Algosaibi added, “We are delighted to partner with Edamah for the financing of the Salmaniya Carpark Development, which is a vital project that will help facilitate citizens’ access to medical services. This reiterates our keenness to enter into strategic partnerships, in addition to supporting our government’s direction towards the development of the Kingdom.”
The project is said to reflect Edamah’s desire to reduce congestion around the Salmaniya Medical Complex and enrich service facilities by setting up such facilities in vital areas of the city.
