First Bahrain, an innovative regional real estate developer, has welcomed Al Khaleej Development Co. (Tameer) as the first tenant in its inaugural warehousing and logistics project, Majaal. Al Khaleej Development Co. (Tameer) will occupy its new storage facility at the Kingdoms first small to medium enterprises (SME)-focused warehousing and logistics facility located at the Bahrain Investment Wharf, in February 2010.
Following the recent completion of phase one of Majaal, tenants will enjoy 130,000 square feet of secure and cost effective storage spaces designed to stimulate the business growth of its family of tenants. Located the iconic Salman Industrial City, in close proximity to the Khalifa bin Salman Port and other major transport links in Bahrain, Majaal is the perfect solution for SMEs looking for integrated and modern storage solutions. The USD45 million development complements its offering with a wide range of value-added services that are set to raise the bar for the warehousing and logistics sector in Bahrain.
Amin Al Arrayed, General Manager of First Bahrain and Board Member of Majaal Warehouse Co., signed the leasing agreement, and commented: “Al Khaleej Development Co. (Tameer) is a leading real estate investment, advisory and property development company in the MENA region. It is therefore fitting that they have chosen the regions first (SME) focused warehousing and logistics company as the ideal provider of integrated storage solutions. We are looking forward to other companies following Tameers lead and joining the Majaal family.
Mr Arrayed added: Majaal has had significant interest from local, regional and international companies since its launch in October last year, which shows that there is still a high interest in terms of foreign investment into Bahrain, particularly in the industrial sector. The level of interest speaks to the demand driven investment approach which is at the heart of our projects, we identify a real need in the market and address it, rather than just looking for a quick return.
Laith Al-Memar, Chief Executive Officer of Al Khaleej Development Co. (Tameer) said: Majaals unique offering and SME-focus is in line with our values of innovation and our committment to contribute to the economic development of the communities we serve in. The wide variey of value-added servies, in addition to the flexible and modern storage spaces, prompted us to choose Majaal as the prefered warehousing and logisitc company. We are looking forward to move into the premises and utlize the facilities Majaal has to offer.
Majaal was conceived specifically to meet the needs of the (SME) sector, and provides flexible, convenient, high quality and secure warehousing and business solutions. In addition to the physical warehousing spaces, units are complemented with range of services that cater to the needs of tenants including 24 hours a day, seven days a week security service, state-of-the-art information communication technology provisions, and assistance on efficient design and use of spaces available as little as 250 square meters to as much as 1000 square meters.