Manama: The Deputy Prime Minister, HE Shaikh Khalid bin Abdulla Al Khalifa, on Tuesday laid a foundation stone for the $100million first-of-its-kind mixed leisure-cum-shopping project “The Avenues-Bahrain”.
The King Faisal Corniche Development Company (KFCDC), a property development firm in the region, held a groundbreaking ceremony on Tuesday, 30th of September 2014 to mark the start of construction of “” Bahrain.
The project will be developed by private Bahraini investors in 50-50 partnership between M H Alshaya, a leading retail company based in Kuwait and Mabanee Corporation, owners of The Avenues Kuwait. The initial lease agreement for the land is 25 years.
The ceremony was attended by the Deputy Prime Minister of Bahrain, His Excellency Shaikh Khalid bin Abdulla Al Khalifa, the Minister for Culture Shaikha Mai, the Minister for Municipalities Affairs and Urban Planning, Dr. Juma bin Ahmed Al-Kaabi, the Minister for Electricity and Water Dr Abdulhussein bin Ali Mirza, Deputy Chairman of KFCDC and CEO of Al-Salam Bank Bahrain, Yousif Taqi, General Manager of Mabanee Corporation, Waleed AlSharian, and invited guests.
“The Avenues” Bahrain, is a pioneer leisure offering with respect to the magnitude and the range of experiences on avail. It will provide a boost to the economy specifically the tourism sector in the Kingdom while offering the public a place for everyday leisure and entertainment. Located off the King Faisal Highway, engulfed by Manama’s iconic landmarks, “The Avenues” Bahrain will cover a total land area of approximately 265,000 square meters spread along Manama’s beautiful North facing waterfront and is planned for opening early 2016.
Mohammed Abdulaziz Alshaya, Chairman of Mabanee Company and Chairman of the King Faisal Corniche Development Company, stressed the importance of the retail sector, a main employer for the national workforce, thereby offering an opportunity to train young men and women, especially considering local legislations promote such relation between the workforce and the private sector.
Alshaya explained that the project’s design, location and the brands it will host will be of added value to the Bahraini market. This will take place in cooperation with M H Alshaya Company, which has experience in the retail sector, as well as Mabanee, the company which owns and manages The Avenues in Kuwait.
“Considering the strength and the experience our partners bring, “The Avenues” Bahrain is set to be a value add not only to the current lifestyle offering in the Kingdom but will pose as a major attraction for both Bahraini families and tourists alike. While still in its early stages, regional and International retail investors have already expressed their serious interest in committing to leasing units, proving the grand scale of success that this visionary project is going to be,” Yousif Taqi, Deputy Chairman of KFCDC and CEO of Al-Salam Bank Bahrain, said.
“It gives us great pleasure to be a part of this exceptional project. We greatly admire the unique ambience of the Bahraini culture and we believe the future development potential in the Kingdom is in line with our vision to further develop “The Avenues” as a regional destination,” Waleed AlSharian, Mabanee General Manager said.
“The owners and developers of this project have extensive experience in this sector, and this will in turn guarantee both the success of this project and the consequent benefits this brings to the public,” AlSharian, said.
“The Avenues” Bahrain is indeed a remarkable project, introducing outdoor living within a controlled environment that imitates the natural development of street frontage with its evolving architectural facades. The project has a total leasable area of approximately 38,000 square meters occupying only 15% of the overall site and respecting its surrounding landmark buildings by limiting its vertical space to one level and allowing parking for over 1400 vehicles”.
The development manager further explained, the project allows public access to the exquisite 1.5km stretch waterfront corniche which includes children’s outdoor play areas, a jogging track and outdoor gym sets as well as waterfront restaurants and cafes, retail outlets, a souk area, a lively indoor market place and more importantly, a choice of entertainment ranging from movie theatres to children’s arcades framed by a public park spread over 85% of the site.