Bahrain Real Estate Investment Company (Edamah), the property arm of the kingdom’s sovereign wealth fund, is acquiring 36.6 percent of shares in the Bahrain Car Parks Company, a publicly-listed company on the Bahrain Bourse.
Bahrain Car Parks Company, which specialises in the construction, development and management of parking lots, will sell the stake subject to regulatory approvals.
The acquisition comes as part of its long-term strategy to develop new projects, renovate previous projects, and manage them to global standards, Edamah said in a statement.
“This marks a pivotal moment and will contribute to improving the level of services offered in the kingdom. We also look forward to establishing partnerships with entities in the private sector in the future in order to further develop the facilities available to the public,” said CEO Amin Alarrayed.
“Investing in Bahrain Car Parks Company reiterates our commitment to manage a diverse business portfolio while achieving our mission of developing a robust real estate portfolio, which further cements our reputation as one of the leading property developers in the kingdom,” he added.
Edamah said it has worked on major investment projects in the tourism, leisure and industrial sectors, such as the Bilaj Al Jazayer development, the Sa’ada development, and the carpark building at Salmaniya Medical Complex.