Bahrain's Edamah secures $12m funds for Salmaniya car park
Bahrain Bourse-listed Khaleeji Commercial Bank is financing the project that Alghanah Group is building
Bahrain Real Estate Investment Company (Edamah), which is the real estate arm of the kingdom’s sovereign wealth fund Bahrain Mumtalakat Holding Company, has secured $11.9m (BHD4.5m) in financing from Bahrain Bourse-listed Khaleeji Commercial Bank (KHCB) for its multi-storey car park project at Salmaniya Medical Complex (SMC), the construction contract for which was awarded to Alghanah Group in July 2019.
Mohammed Al-Ghreeb Architects and Engineers is working as chief consultant for the project.
In a statement, Edamah revealed that construction work on the project began on 15 September 2019, and was scheduled to be completed by 2020.
Excavation works for the foundation of the car park are being carried out, with the team having completed mobilisation activities.
Upon completion, the 5,700m2 development will provide 600 parking spaces for SMC’s staff and patients.
Chief executive officer of Edamah, Amin Alarrayed, said SMC’s car park was one of “several pipeline projects” that the company has been working on in 2019.