Rashid Al Nafisi, the Chairman of the Board of Directors, said that the company recently embarked on a study of its real estate portfolio, which includes a series of real estate tracts in significant and strategic locations in the Gulf region and the Middle East, in order to develop these assets either directly or through entering into strategic partnerships.
He pointed out that Al Mazaya Company is currently following a work plan, through which they intend to achieve smart targets according to a strict timetable. The plan requires entering into new real estate projects, the exit from previous projects, as well as geographical expansion into promising states.
Commenting on the Industrial Unit Project in Bahrain, Al Nafisi said that Al Mazaya Holding Company owns a piece of land amounting to 27,605 square meters in Bahrain investment Warf located in “Al Hadd” Town near the Bahrain Airport on the highway leading to the Kingdom of Saudi Arabia. The development is characterized as an integrated system that is divided into a variety of sectors to serve the needs of industrialists and investors alike.
He added that Bahrain investment Warf has succeeded in attracting a large number of investors to develop within this system, after the completion of its infrastructure works and through the creation of a highly developer friendly environment, pointing out that the projects developed in the port have already exceeded the port’s 90% capacity mark.
Commenting on this project Ibrahim Al Saqabi the acting CEO of Al Mazaya Holding said that Al Mazaya Holding Company has conducted extensive studies to develop its own land in a contemporary style in line with the movement of supply and demand sectors in the region, which resulted in the idea of developing a warehouse industrial unit system. He went on to state that the project is being developed in synergy with the completed projects in this field, which still enjoys great demand by tenants, especially after feasibility studies demonstrated the possibility of achieving excellent profits and a steady income stream in the long term.
He added that, in a move designed to enhance the success of the project’s development process, Al Mazaya Holding Company signed an agreement to develop and implement the project in collaboration with Majaal Warehouse Company, which is considered one of the leading professional Bahraini companies in the development and leasing of logistic enterprises in Bahrain.
“Majaal will be tasked with managing the developmental process of the project as well as the selection of engineering offices and qualified contractors, to facilitate the project’s implementation. Majaal will furthermore be responsible for attracting tenants, as the company has ample experience in this business sector in the Bahraini market, after the successful implementation of a number of other similar projects in the same area,” Al Saqabi said.
Commenting on the investment within the project, Al Saqabi pointed out that AL Mazaya’s engagement in a new real estate sector is yet another successful step in the pursuit of distributing its investment basket over a number of different sectors. The company has already engaged in the residential, medical, commercial, administrative office and hospitality sectors. Through this project they are now expanding into the highly lucrative sectors of storage and logistics.
As for the details of the project, he said that Al Mazaya plans calls for the development and implementation of the industrial unit project within a period of 16 months, starting from the signing of the agreement, which was signed at the beginning of the current month of October. During the same period, the company will market the industrial units, which will have an average range of between 250 and 500 square meters, as well as a number of larger units up to 15,000 square meters, thus conforming to the varied requirements and needs of potential tenants.
He added that the real indicator of the real estate companies for overcoming the crises is investing in new projects.
Amin Al Arrayed expressed his pride with regards to the initiation of the cooperative relationship with Al Mazaya Holding, stressing Majaal’s eagerness to implement the agreement with full adherence to the its specified guidelines in terms of quality and its projected time line.
He added that Majaal Warehouse Company earlier implemented three similar impressive projects successfully. They have also been able to achieve full occupancy for said projects, stressing that Majaal will be an added value asset to Al Mazaya Holding, and hoping to engage in future cooperation with Al Mazaya in other similar projects.
Commenting on the details of the agreement, Al Sagabi said that Majaal is currently working on selecting the engineering office that will be engaged in the design process, and will soon select the contractor for the project’s implementation, taking into account that the period of the development of the project is short and requires following an exact timetable to ensure its completion on time.