Phase 2 work on Bahrain's $106m Avenues project to begin in Q1 2020
Phase 2 of the development, which is expected to be completed in 2022, will add a leasable area of 40,000m2
Work on Phase 2 of Bahrain’s waterfront Avenues project will begin in Q1 2020, according to an agreement inked by the kingdom’s Works, Municipalities Affairs, and Urban Planning Minister, Essam bin Abdulla Khalaf, and Avenues Company board member and Al-Mabanee chief executive officer Waleed Khalid Al-Sharian.
Phase 2 of the development, which is expected to be completed in 2022, will add a leasable area of 40,000m2, in addition to 38,000m2 of rental space made available in Phase 1 of the project, according to the Bahrain News Agency.
On the sidelines of the signing ceremony, Essam bin Abdulla Khalaf said: “The lease term extends to 60 years under a contract which amounts to $106m (BD40m).”
The signing ceremony was also attended by the kingdom’s undersecretary for Municipal Affairs, Shaikh Mohammed bin Ahmed Al-Khalifa; Avenues board member, Dr. Maher Al-Shaer; and the Capital Municipality director-general, Shawqiya Humaidan, and other officials.