Mumtalakat unit acquires 37% stake in Bahrain Car Parks Company
Edamah CEO describes acquisition as a 'pivotal moment' for the government-backed real estate developer
The state-owned company will acquire 36.6% of shares in the Bahrain bourse-listed company.
The deal, which is subject to regulatory approval, forms part of Edamah’s strategy to develop new construction projects and revitalise historic sites in Bahrain to unlock new potential for the country. The value of the agreement has not been disclosed.
Chief executive officer of Edamah, Amin Alarrayed, described the acquisition as a “pivotal moment” for the company, which is working on five construction projects worth millions of dollars under a seven-year plan to boost the country’s economy.
As part of this plan, Edamah said it would look to establish partnerships with other companies in the private sector to optimise and develop facilities accessible to people in Bahrain.
“Investing in Bahrain Car Parks Company reiterates our commitment to manage a diverse business portfolio while achieving our mission of developing a robust real estate portfolio, which further cements our reputation as one of the leading property developers in the kingdom,” Alarrayed added.
One of Edamah's projects is the mixed-use waterfront development Sa’ada, for which a Phase 2 tender is likely to be issued in the final quarter of 2019.