Edamah signs deal with BDB to manage, operate Sitra Mall

TDT | Manama

Bahrain Real Estate Investment Company (Edamah), the local real estate arm of the Kingdom’s sovereign wealth fund, has signed a property management agreement with Bahrain Development Bank (BDB). The deal allows Edamah to take over the management and operation of Sitra Mall. As per the deal, Edamah will manage and operate Sitra Mall on a 3-year renewable contract, starting from April 2020. Edamah will be responsible for leasing out the mall units and for developing a revitalization plan supported by strategic goals aimed at increasing footfall and revenues.

The signing ceremony was held in the presence of Edamah’s Chief Executive Officer (CEO) Amin Alarrayed and the CEO of Bahrain Development Bank Group, Sanjeev Paul. “We are extremely pleased to be entering into a partnership with BDB; this relationship stands testament to our ongoing success in managing and operating real estate properties in the Kingdom of Bahrain while keeping the interests and objectives of our partners as our highest priority,” said the CEO of Edamah, Amin Alarrayed. “We look forward to managing and operating Sitra Mall as part of our extensive real estate portfolio, and meeting the objectives of our BDB partners,” he added.