The Ministry of Municipal Affairs and Agriculture has announced the signing of a memorandum of understanding with the Bahrain Real Estate Investment Company “Edama”, the real estate arm of the Bahrain Mumtalakin Holding Company “Mumtalakat”, the sovereign wealth fund for the Kingdom of Bahrain, to develop the central market of the Manama Market, with the aim of preparing a comprehensive study to benefit from the optimal benefit from the current location of the Central Manama Market, due to the promising and varied investment opportunities it provides.
The Memorandum of Understanding was signed by the Minister of Municipal Affairs and Agriculture from Wael Al -Mubarak, CEO of Bahrain Holding Company, “Mumtalakat” Chairman of the Board of Directors of “Adama” Sheikh Abdullah bin Khalifa Al Khalifa, in the presence of the Undersecretary of the Ministry for Municipal Affairs Sheikh Mohammed bin Ahmed Al Khalifa, and the CEO of “Adama” Khaled Al -Majed, Chairman of the Capital Secretariat, Saleh Taradah, Director General of the Capital Secretariat, Muhammad Al -Sahli, and a number And the company “Adama”.
The Minister of Municipal Affairs and Agriculture affirmed the importance of the central Manama market as one of the important pillars at the commercial and investment levels, noting that its strategic location in the heart of the capital, Manama, enhances the opportunities for optimal benefit from it economically, and contributes to strengthening the commercial movement in the region.
The Minister of Municipal Affairs and Agriculture stated that the signing of the Memorandum of Understanding with “Adama” comes within the Ministry’s efforts to enhance the aspects of fruitful cooperation with the investment sector, with the aim of organizing and managing the real estate assets of the Ministry in a more effective manner, and achieving the best returns by investing them in a way that keeps pace with development trends, and enhances financial sustainability.
For his part, the CEO of the Bahrain Holding Company “Mumtalak”, Chairman of the Board of Directors of “Adama”, stressed the importance of the signature memorandum of understanding, which aims to prepare a comprehensive study to take optimal benefit from the current location of the Central Manama Market, due to the promising and varied investment opportunities it provides, indicating that this memo represents a prominent step in enhancing joint cooperation with the Ministry of Municipal Affairs and Agriculture in a way that contributes to the development and management of municipal properties Sustainable, and supports the Kingdom’s efforts to advance economic development and achieve the desired strategic goals.
In turn, the head of the Capital Secretariat Council stressed the importance of signing the memorandum of understanding between the Ministry of Municipal Affairs and Agriculture and the “Adamah” company in enhancing the optimal benefit from the central Manama market site in a way that supports the trend towards establishing the new market, and provides promising investment and commercial opportunities in the heart of the capital, indicating that the “Adama” company, with its accumulated experiences in the areas of development and investment, will be an active partner in investing the market site in a way that keeps pace with development needs Urban, and contributes to supporting municipal projects and developing the economic structure of the capital.
