Amlak, the real estate investment arm and a wholly-owned subsidiary of the Social Insurance Organization (SIO), has unveiled plans to transform the existing ‘Souq Al Buhair’ into a modern mixed-used facility catering to the demand of the neighborhood.
The announcement was made during a signing ceremony, held at Amlak’s headquarters in Bahrain Bay, appointing Al Hedaya Contracting to develop ‘Souq Al Buhair’. The ceremony was held in the presence of Amlak’s CEO, Mr Mohamed Abdulelah Al Kooheji and Mr Sayed Jawad Sayed Hashim Al Alawi from the contracting firm.
Kicking it off with the overhaul of Souq Al Buhair; Amlak has put together a strategic 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 for more tenants and further services catering to the daily requirements of the residents.
Souq Al Buhair, strategically located in East Riffa, is of close proximity to a number of commercial and residential areas along with educational and medical businesses. The renovated souq will include 30 retail units and will be ready by mid-2017.
“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. Amlak currently has 12 souqs under its umbrella and a thorough study is in place to further understand the development criteria of each market;” added Mr Fakhro.
Further commenting on the project; Amlak’s CEO, Mr Mohammed Abdulelah Al Kooheji said, “The renovated Souq Al Buhair will meet the complete needs of the residents. It will be positioned as the ideal destination for their daily activities from shopping to entertainment.”
“Amlak is a demand-driven organization and aims to create long-term prosperity for Bahrainis and the community by managing and developing smart and sustainable investment opportunities with an aim of protecting SIO’s real estate investments. We are currently looking at a number of investment opportunities, both commercial and residential, across key locations in the Kingdom,” added Mr Al Kooheji.
Among the new projects is ‘The 66’, a six-story residential building located in Umm Al Hassam which includes fully-furnished apartments along with well-equipped recreational floor. Work will commence by December 2016. Also announced is the construction of ‘Mirage Palms’, a residential compound in Janabiya accommodating 30 residential units. Construction will begin early 2017.