Edamah, the real estate arm of Bahrain’s sovereign wealth fund Mumtalakat, has entered into a partnership with Kanoo Real Estate to develop Pier 1890, a new waterfront leisure and commercial destination on Manama Corniche. This strategic collaboration aims to enhance Bahrain’s real estate landscape and support the Kingdom’s economic diversification efforts.
The agreement, which covers approximately 11,000 square meters, will feature 25 commercial units, including restaurants, cafés, and upscale retail outlets, with a total leasable area of 3,000 square meters. This project is positioned adjacent to the Shaikh Hamad Causeway, making it a prime location for attracting both local and international visitors.
Edamah CEO Khaled Abdulrahman Al Majed emphasized the importance of this partnership, stating that it builds on a longstanding relationship with Kanoo Real Estate. He noted that the collaboration is expected to enhance the quality of life in Bahrain and strengthen the real estate ecosystem, aligning with the Kingdom’s broader economic goals.
Kanoo Real Estate CEO Mohsin Abdulnabi Haji described the development as a significant milestone for Bahrain’s real estate sector. He highlighted that Pier 1890 is set to become a key leisure and tourism destination, contributing to the national urban development ambitions outlined in Bahrain Economic Vision 2030. This initiative reflects Kanoo Real Estate’s commitment to expanding its diverse portfolio within the Kingdom.
The partnership is also indicative of Edamah’s strategy to foster public-private partnerships that generate sustainable returns and create lasting economic impacts. By leveraging the development capabilities of both organizations, the project aims to stimulate commercial activity, create job opportunities, and enhance Bahrain’s attractiveness as an investment destination.
As the project progresses, it is expected to reflect the aspirations and needs of the community while driving urban development through innovative and sustainable initiatives. This collaboration marks a significant step forward in Bahrain’s efforts to develop vibrant commercial spaces that cater to both residents and visitors alike.
For further details, refer to ME Construction News.
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