First Bahrain, a Kuwaiti real estate company, announced today the achievement of full occupancy at its flagship project, the Majaal warehousing development.
Working diligently, the company was able to fully lease the Small-to-Medium sized Enterprises (SME)-focused warehousing and industrial workspace facility located at the Bahrain Investment Wharf in the Kingdom of Bahrain. The end result shows that Majaal has attracted a diverse and stable portfolio of tenants representing a broad range of sectors and business activities with leases averaging nearly four years in length.
Salah Ahmed Al-Wuhaib, Chairman of First Bahrain stated: “We are pleased to announce that First Bahrain has achieved full occupancy of Majaal Phase I within the first 18 months of operations. He also commented, Moving ahead, we will focus on the expansion of the second phase of Majaal at BIW, which will more than double the size of the facility. We are also preparing to grow Majaal regionally, with planned expansion into the Kingdom of Saudi Arabia. We are in the advanced stages of this effort and we hope to be making major announcements about a partnership to facilitate this new venture soon.
Mr. Al-Wuhaib concluded by thanking First Bahrains management and staff and expressed his sincere appreciation of the companies stakeholders; investors, tenants and vendors, for their continued trust and support.
The Majaal warehousing development is located within the Salman Industrial City at the Bahrain Investment Wharf, providing easy access to Khalifa bin Salman Port and other major transport links in Bahrain. Majaal presently offers 130,000 square feet of secure, flexible and cost effective storage spaces. The SME-focused warehouse and logistic facility is designed to service the needs of the industrial sector.
The convenient and high-quality units at Majaal are complemented with a set of services that include 24 hours a day, seven days a week security, state-of-the-art information communication technology provisions and assistance in design and fit-out. Other distinguishing services include professional facilities management, onsite forklift rental and logistics support. Units are available from as little as 2,700 square feet to as much as 10,700 square feet.