Bahrain developer Edamah initiates four construction projects
Five multimillion-dollar schemes are in the pipeline as part of Edamah's 'aggressive' future strategy
Government-backed Bahraini real estate developer Edamah has identified five construction projects worth millions of dollars that it will push forward under a seven-year development strategy aimed at leveraging the kingdom’s economic potential.
Edamah, backed by sovereign wealth fund, Mumtalakat, is sitting on a 200-plot land bank, the vast majority of which remains undeveloped. The business aims to spearhead a construction surge that will have a “catalytic impact” on the Gulf nation’s oil-dependent economy.
“Being able to focus on five projects that we can see through in the next five to seven years is a priority for us,” chief executive officer (CEO) of Edamah, Amin Alarrayed, told Construction Week.
Speaking at Bahrain Capital Club, he said a new strategy has been implemented by the developer’s board of directors, which was completely reformed in 2017, with Alarrayed stepping down from the board to become CEO earlier this year.
“I’ve been very aggressive in pushing these projects forward, and I am glad to say that we have now started movement on four of the five projects. That is the long-term game plan for us. Our selection of projects to [work on] is based on the impact we can have [...] on the economy, [which] is a key consideration for us.”
Edamah is operating based on what Alarrayed described as “triple mandate”, which includes turning a profit; encouraging a knock-on effect to spur future development; and align with Bahrain’s Economic Vision 2030.
There is already said to be strong coordination between Edamah and various government departments to strengthen sustainable development, in line with the government’s vision for the modernisation of the country. Edamah, ranked as one of Construction Week’s Top 50 GCC Developers this year, is set to play a pivotal role in these government development plans.
The four projects it has made movement on include a smart city-style car park called The Terminal; Sa’ada, a mixed-use waterfront development located in Muharraq; a 600-space multi-storey car park for a public hospital; and Bilaj Al Jazayer, an ambitious masterplan to develop a 3km strip of beachfront and turn it into a tourism destination. Edamah says the projects have the potential to create new jobs and opportunities for businesses, which will in turn stimulate economic growth in the country.