A new national company could be launched to manage, run and operate central markets in Bahrain and help them develop as a profitable business proposition for stall-holders, as well as to attract more customers and realise their tourism potential.
The Capital Trustees Board unanimously approved a proposal by its member Dr Abdulhassan Al Dairy to consider the formation of a company for central markets in the Capital Governorate, in partnership with the private sector.
Board chairman Saleh Tarradah suggests going even further with the proposal by forming a multi-governorate enterprise to include all central markets in the country.
He explained such a move would be in the hands of Municipalities Affairs and Agriculture Minister Wael Al Mubarak who is set to review the proposal.
There are six markets across Bahrain – in Manama, Muharraq, East Riffa, Nuwaidrat, Jidhafs and Sitra.
“Trust experts, even if it costs you,” said Mr Tarradah. “A national company comprised of professionals, alongside those knowledgeable in the field of traditional markets and central markets, would certainly elevate the current state of central markets in the country,” he added.
“At the moment, central markets are run by municipal employees, within small departments in each municipality, which shows why things haven’t really improved for decades.
“No one does joint projects better than partnerships between the government and the private sector. We believe such an enterprise would help take the country’s six central markets to higher levels.”
He believes that Edamah (Bahrain Real Estate Investment Company), which is the real-estate arm of Mumtalakat, the sovereign wealth fund of Bahrain, could successfully coordinate such an operation.
“If we are to get the best then we have to approach the best and that is Edamah,” said Mr Tarradah. “Currently the Sitra and Jidhafs Central Markets continue undeveloped, while the progress of revamps to the Manama Central Market appears to be slow and not moving forward as intended.
“When quality public service is matched with sound business acumen, things tend to drastically change for the better and that’s what we are hoping for.”
The board’s financial, administrative and legislative committee chairman Mohammed Al Abbas came up with a working title for the company, namely ‘Aswaq’ which translates to ‘Markets’.
“As central markets are situated in prime locations it might prove attractive to the business sector and they may be more than willing to come on board with us,” he added.
He said that successful central market partnerships were already in place across the Gulf, from the UAE to Kuwait, boasting ‘magnificent results’.
mohammed@gdnmedia.bh
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