Edamah, the real-estate arm of the kingdom’s sovereign wealth fund Mumtalakat, is driving ahead with much-needed car parks for Bahrain.
Two popular words are often heard echoing around its boardroom, namely ‘catalytic investment’, a business tool to create a positive impact and enable third-party investment that otherwise would not be possible.
Often described as ‘the snowball effect’, investment that encourages other investment, chief executive Mr Alarrayed said: “Block 338 - The Terminal is exactly that!”
“It’s a fine dining and party spot in Adliya, popular with people of all ages and a ‘go-to’ destination for visitors.
“It was a project we undertook because we knew that Block 338 was a very fashionable, vibrant dining destination,” Mr Alarrayed said. “It’s a tourist draw, so we were keen to support it.
“One of the biggest issues was car parking. Restaurants were losing business because people would book a table for 8pm and spend more than half an hour desperately trying to park, before ending up turning around and going home.
“Access and parking have to be key components if you want to create a vibrant F&B destination, which Block 338 is. So you need to feel comfortable that when you leave home with your wife and have invited friends to meet up at a restaurant, you will be able to do just that.
“We have provided a further 300 car parking spaces right in the heart of the destination, easy to access, that’s The Terminal. At the weekend, it is completely full. It’s really nicely laid out.
“So we see this as a real ‘value add’, and you can start engaging with restaurants, saying: ‘If you offer valet services, we can do deals with you’. As a result, if you’re a diner and go to Restaurant X, they would take care of your parking.
“It’s all automated, just like the best places in Europe. You put your card in, pay whatever you need to pay and you’re sorted.
“The idea is that we would, through The Terminal, encourage more people to invest in Block 338. If we can get investors to say: ‘you know what, parking is not a problem here, I’m going to build my restaurant, or I’m going to develop one here’.
“We want to be supportive of the Block. We want to be a ‘value addition’, that catalytic investor encouraging other investors.
“That building is part of a bigger strategy and we are looking at Bahrain as a whole.
“Our other project is at Salmaniya Medical Complex, opening in the summer. I talked about 2020 being a year of delivery and here is another example.
“It is the main public hospital. One of the biggest issues when visiting a patient is finding a parking space. And, if you are a patient needing treatment, the last thing you want is aggravation over parking!
“We will be providing 600 spaces in a multi-storey building to serve visitors, patients and doctors.
“This is something, in our opinion, not only a financially good investment but ticks the box as far as social responsibility is concerned. The car park at Salmaniya ticks all the boxes!”
As a natural progression, Edamah has bought a 36 per cent stake in Bahrain Car Parks Company. Mr Alarrayed is now chairman.
Further plans look fascinating as new technological innovations are introduced into the car parks.
There is a move away from cash payments so drivers don’t have to fumble around for change, with smart phones a likely solution.
With apps becoming more sophisticated, the sky’s the limit. One suggestion is that a diner can book a meal in Block 338 and arrange for a dedicated parking spot in The Terminal, with a sensor opening the blocked space once it recognises the booker’s phone in the vicinity. It could even arrange for the car to be on the same floor as the outlet.
Currently the Terminal is the only car park in the kingdom that accepts Bahraini dinars, Saudi currency and credit card payment. A cashless system will be next.
“Car parks for us are a major business line and we are now looking at Muharraq, the old souq, where there are huge problems with parking,” added Mr Alarrayed.
Plans may prove to be a double delight for the country. As reported in the GDN, The Pearling Path can be experienced and visited at any point of its 3.5km stretch that snakes through the old alleyways of Muharraq. However, to get the best introduction, visitors are encouraged to start at Bu Mahir Fort and Bu Mahir Interpretative centre.
By the second quarter of 2020, the Qal’at Bu Mahir will be connected by a pedestrian bridge to the rest of the Pearling Path and enable visitors to walk from its southern coastal point to the northern tip at Siyadi Majlis.
“It’s a major tourist destination, ‘a differentiator’. No one else has that and it’s in Bahrain!” said Mr Alarrayed. “We want to support it and what we are doing near the old Souq, ties in perfectly with The Sa’ada Project.”
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