A services deal Majaal Warehouse Company recently signed with a Kuwaiti company is generating significant market interest and two additional parties are now in active negotiations to reach similar agreements, says Managing Director Amin Al Arrayed. Majaal, founded in Bahrain in 2008, develops and operates SME-focused industrial facilities, on its own behalf and now also on behalf of third parties.
As announced in November, Majaal has been hired by Al-Mazaya Holdings of Kuwait to oversee the development and leasing of a $20 million industrial facility at the Bahrain Investment Wharf (BIW). Its services for Al-Mazaya will include conducting feasibility studies, overseeing design and construction works as well as managing leasing for the facility which will offer 15,500 square meters of industrial space for rent.
We are expanding from space to services, building on the success we achieved with our development model over the past few years and diversifying our offerings, said Al Arrayed, who added that one of the parties it is negotiating with for an Al-Mazaya-type deal is based in Bahrain while the other is located in Saudi Arabia.