Saturday, January 16, 2021

Amlak Awards Contract for New Residential Project ‘The Sixty Six’

Amlak, the real estate investment arm and a wholly-owned subsidiary of the Social Insurance Organization (SIO), has awarded the construction works for its upcoming residential project ‘The Sixty Six’ to Yousif Al-Zayani Trading & Contracting Company WLL.

Aimed for completion by mid-2018, ‘The Sixty Six’ will boast a modern six story residential building that includes fully-furnished apartments and a luxury recreational floor with a swimming pool, gymnasium and multipurpose room. The project, located in Um Al Hassam, is easily accessible through the Shaikh Isa bin Salman Highway and Sitra Bridge.

The announcement was made during a signing ceremony held at Amlak’s headquarters between Amlak’s CEO, Mr Mohamed Abdulelah Alkooheji, and Yousif Al-Zayani Trading & Contracting Company WLL. Representative, Ahmed Yousif Al Zayani. The project will be developed in close collaboration with Gulf House Engineering Company SPC.

“Amlak aims to fuel the growth of its portfolio through a balanced investment strategy founded on a stern governance model and investment management framework. We are confident that ‘The Project Sixty Six’ will further strengthen Amlak’s assets,” said Amlak’s Chairman, Mr Abdulrahman Yusuf bin Yusuf Fakhro.

“Amlak has taken steady steps towards prosperity by developing its investments and we have recently announced our upcoming projects which includes a number of residential and multi-purpose projects,” added Mr Fakhro.

‘The Sixty Six’ will provide 66 fully furnished apartments of various sizes, ranging from one-bedroom to two and three-bedrooms, with the sixth floor consisting distinctly of three-bedroom apartments.

Further commenting on the appointment, Amlak’s CEO Mr. Mohammed Abdulelah Alkooheji said: “we are pleased to appoint Al Zayani Trading & Contracting Company as the project developer. The announcement of ‘The Sixty Six’ project will positively impact the growth of SIO’s investments and increase Amlak’s value creation by enhancing our ability to generate profits.”

“Other than building investment opportunities, Amlak will be evaluating current properties and devising a development plan to boost property values,” he added.

Commenting on the project, Yousif Al-Zayani Trading & Contracting Company WLL, XXXX said: “we are pleased to have been awarded this prestigious contract. ‘The Sixty Six’ is an innovative project and we are proud to be selected as the company that will develop this project which will further drive Bahrain’s real estate market.”

Amlak, a development company with a focused strategy, aims to deliver real benefits and financial security to Bahrainis and the society at large. The company aims to manage and develop long-term investing and sustainable growth for SIO’s real estate portfolio through a dedicated team of experts.

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