The BD 200 million construction projects for the new Manama Central Market were officially awarded to Tashgheel Company at the signing ceremony between Jamal Al Hazeem, Chairman of Tashgheel Company and Yousef Ibrahim al Ghatam, Director General of the Manama Municipality.
After the signing, the chairman told the Bahrain News Agency (BNA) that the 140,000 square metre project will cost between BD150 million and BD200 million to complete.
It will be a destination project; he said and clarified that the project would house the Manama Central Market, commercial establishments, retail establishments and residential apartments.
The entire project will be environmentally friendly as the Ministry of Municipalities Affairs and Agriculture has insisted on it being a green project.
The project will have plenty of recreation facilities and other utilities in addition to the commercial and other facilities, said the chairman.
Shaikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister, who was present at the signing ceremony said that a project of such magnitude — that in the heart of the city — needs a lot of coordination.
“The project when it comes up in Bahrain will show the splendor of service to the people of this land.
It will also be a benchmark for the commercial, industrial and overall achievements for the capital city of Manama.
As the deputy prime minister I can assure the coordination of all departments concerned in making this project reach its completion,” he added.
“The project would have a major impact on the infrastructure. But the traffic impact study has already been done,” Esam Khalaf, Minister for Works, said.
At the study level the impact of this project on the infrastructure was considered and all measures to decongest the area around the project and in the neighbourhood has already been factored in. the project when it takes off will be in accordance with the findings of that study.
The plan to decongest the area will involve interchanges – the only possible option to ease the traffic in this area.
The project’s basement is the area reserved for parking, this ensuring the parking facilities are in place.
“I think the project coming in now is a god message to all in Bahrain and for those who are watching this nation – the investors in other GCC countries and around the world that Bahrain is now stable and open to business,” Yousef al Ghatam, said.
“When I look at the benefits for the municipality the returns from this project is going to be phenomenal. The return from this project is expected to be anywhere from 10 per cent to 15 per cent annually.”
“As the municipality we have also looked into the green building concept – recycling the waste water and other waste products from the project. The design itself will ensure that it is a green building.” Saving in electricity is another major area being addressed.
In about two years there are going to be tough stipulations on the conservation of electricity and conservation of the environment.
“We have looked to conform to those laws in this project,” said
Dr Juma Ahmed Al Kaabi, Minister for Municipalities Affairs and Agriculture, while commenting on the project’s sustainability said that it is within the national planning strategy of Bahrain.
“We are going to use all the criteria used in the green building concept. The infrastructure for the project is also to be very sustainable. The roads will be well connected to Muharraq and the North Town through intersections – ensuring easy accessibility,” he added.
“The project will have over 1,800 car parks. People will find it easy to commute to and use the souk. This will be a far cry from the bottlenecks they face today.”
“The new project is expected to ease out the congestion for both the people and the merchants in the market. Entry of goods will be easier. The infrastructure is expected to be nodal in character. Looking into the future, this project will be like linked by the mono-rail and Light Rail Transit. It will be linked to Seef and Juffair,” he added.
“Another key point to make here is that the present tenants of the market will in no way have to vacate,” the minister said.
“The rates for the shops will be maintained at current rates for those who are already in the market and this is one of the requirements we have put before the investor and for which the response has been affirmative. This is true especially for merchants in the vegetable, fruit and other outlets selling food products,” the minister added.