Manama: Shaikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister, recently met with Dr. Ayedh bin Farhan Al Qahtani, Chairman of the Board of Directors of Sumou Holding, along with Saeed bin Salem Al Nahdi, CEO of Sumou Holding, and Nezar Hassan Habib, CEO of Mazad Company. The meeting focused on Sumou Holding's successful bid in the public auction for the Marina West project, a vital initiative aimed at revitalizing the area into a bustling residential and tourist hub.
According to Bahrain News Agency, Shaikh Khalid bin Abdullah congratulated the officials from Sumou Holding, emphasizing the project's significance as a catalyst for further economic growth and development. He highlighted the critical role of partnerships with the private sector in promoting investment in infrastructure and urban projects, aligning with the national development goals spearheaded by His Majesty King Hamad bin Isa Al Khalifa. This initiative also follows the strategic directives set by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
The Deputy Prime Minister expressed that the involvement of leading specialized companies in significant real estate projects signifies a strong vote of confidence in Bahrain's robust economy and attractive investment climate. He attributed this to the country's advanced legislative and regulatory framework, which has bolstered its competitiveness in attracting capital.
During the meeting, Shaikh Khalid bin Abdullah was briefed on Sumou Holding's comprehensive development plan and the proposed timeline to recommence work on the Marina West project. The briefing included details on the construction mechanisms for the residential towers and associated facilities, ensuring the project aligns with the Kingdom's urban and economic aspirations.
He further assured that the government would provide necessary support and facilitation to protect stakeholder interests, aiming to make the Marina West project a notable urban development on Bahrain's north-western coastline. This endeavor is also seen as a testament to the Kingdom's effective solutions for resolving stalled real estate projects before the implementation of Law (27) of 2017, which established the Real Estate Regulatory Authority.
Moreover, Shaikh Khalid bin Abdullah lauded Mazad Company's professional role in managing public auctions, appreciating its efforts in overseeing the auction of the Marina West project and other previously stalled projects now successfully awarded.
In response, Dr. Al Qahtani expressed gratitude towards the Deputy Prime Minister for his support in the real estate sector. He reaffirmed Sumou Holding's dedication to executing the Marina West project to the highest quality standards, contributing to Bahrain's developmental and urban progress.
Source: Bahrain News Agency