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Sat 24 Sep 2016 10:40 AM

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Bahrain's Amlak plans renovation of portfolio of souqs

Souq Al Buhair will be first to be transformed into modern retail facility, set for completion in mid-2017

Bahrain's Amlak plans renovation of portfolio of souqs

Amlak, the Bahrain-based real estate investment firm, has unveiled plans to transform the Souq Al Buhair into a modern mixed-used facility.

The overhaul of Souq Al Buhair is part of Amlak's plan to re-develop all existing markets under its portfolio. The plan aims to either re-develop or maintain the souqs in order to accommodate more tenants and further services catering to the daily requirements of residents, the company said in a statement.

The renovated Souq Al Buhair, located in East Riffa, will include 30 retail units and will be ready by mid-2017, the company said.

"We are pleased to appoint Al Hedaya Contracting as project developer. The company is backed with a wealth of experience and knowledge in construction and urban development and we are looking forward to the development of this robust project," said Amlak's chairman, AbdulRahm Yousif bin Yousif Fakhro.

"The vision behind the project is to create a mixed-use, attractive, economically successful and vibrant souq that can service the needs of the community. We aim to re-develop or maintain all the souqs under the real estate portfolio of the Social Insurance Organization," he added.

Amlak currently operates 12 souqs across the Gulf kingdom.

Among its new projects is The 66, a six-storey residential building located in Umm Al Hassam which includes fully-furnished apartments. Work will commence by December. Also announced is the construction of Mirage Palms, a residential compound in Janabiya accommodating 30 residential units. Construction will begin early 2017.

The announcements was made during a signing ceremony held at Amlak's headquarters in Bahrain Bay.

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