Edamah CEO Amin Alarrayed made chairman of Bahrain Car Parks Co
A 36.6% stake was acquired in the car park firm by Edamah, the property arm of Bahrain's sovereign wealth fund
Bahrain Real Estate Investment (Edamah), the property arm of Bahrain’s sovereign wealth fund Mumtalakat which this April acquired a 36.6% stake in Bahrain Bourse-listed Bahrain Car Parks Company – a company that constructs, develops, and manages parking lots – has appointed Edamah chief executive officer, Amin Ahmed Salem Alarrayed, as chairman of the car park company.
The appointment was made following an annual general assembly meeting on 18 July during which Bahrain Car Parks Company voted on the appointment of a new board of directors for the next three years.
Abdullah Ahmed Kamal was picked as deputy/vice chairman of the board during the meeting.
Edamah is currently working with Bahrain Car Parks Company on the construction of a multi-storey parking lot with the capacity for 600 vehicles at Salmaniya Medical Complex.
Commenting on the development in a statement, Alarrayed said: “Our partnership with Bahrain Car Parks Company is a strategic step and will have a significant positive imprint.
“In line with our strategic plans, we [at Edamah] are seeking to develop additional projects and renovate existing projects, as well as modernise facilities available to the general public, managing them all in line with international standards and best industry practices.”