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Manara Developments has signed a Memorandum of Understanding with construction and property development company Chase Perdana SDN BHD to develop projects in Al Hidd and provide financing for them.
Manara is a Bahrain-based real estate development company established by Al Salam Bank-Bahrain and strategic investors from around the GCC and it signed the MoU on behalf of Amar Holding Company, which is partially owned by Al Salam Bank.
The signing of the MoU is in line with Manara's commitment to bring new insights to the local market and the growth of the logistics services sector in alignment with the Bahrain Economic Vision 2030.
The joint venture between Manara Developments and Chase Perdana will serve to further the development of a 60 hectare investment area site in Al Hidd city encompassing warehousing and logistics facilities in addition to accompanying services such as business offices, worker and senior executive accommodation, commercial showrooms and big box retailers.
Dr Hasan Al Bastaki, Manara's managing director, said: "We are looking forward to working with Chase Perdana to transform the main master plan of the investment area to reality through various projects. Manara Developments' vision and long-term commitment to contribute, alongside other large investment projects, to the Kingdom's economic prosperity, as per Bahrain's Economic Vision 2030, falls perfectly in line with our plans for this project.
"Furthermore, this development will create rewarding employment opportunities for Bahrainis as it is expected to attract foreign investment due to its strategic proximity to the new Khalifa Bin Salman Port and Bahrain International Airport."
Sarin Swami, executive director of Chase Perdana, added: "We are very keen to establish a long-term working relationship with Manara Developments, a developer that aims to deliver projects that stimulate economic growth and leave a positive and lasting imprint on the surrounding area as a whole."
