Bahrain's Amlak unveils new real estate projects for 2017

Bahrain-based Amlak, the real estate investment arm of the Social Insurance Organisation (SIO), has revealed plans to launch new projects in 2017.

Amlak’s CEO, Mohammed Abdulelah Alkooheji, unveiled plans for The Sixty Six project, a six-storey residential building located in Umm Al Hassam, adding that a Bahrain-based contractor has been appointed to build it.

He also announced that Amlak is currently studying the possibility of developing a project in Janabiya called Mirage Palms.

It will consist of a residential compound that includes 30 housing units divided into three groups of luxury villas, as well as a private pool and multi-use recreational area.

Other projects currently under discussion are a housing project for mid-income families which will be developed with partners, and a residential project in the Seef District that comprises 190 apartments spread across 41 floors.

Amlak’s chairman, Abdulrahman Yusuf bin Yusuf Fakhro, said: “We are excited to announce our upcoming projects which will include a residential project and a number of multi-purpose projects, in addition to rebuilding all existing local markets under our portfolio.

“Our aim is to bridge real estate and market needs by investing in profitable development projects. All projects undertaken by Amlak will undergo feasibility studies in order to maintain a higher rate of return,” he added.

Plans were announced last year by Amlak to transform its network of 13 markets across the Gulf kingdom.

Souq Al Buhair is the first market to be redeveloped in East Riffa. The renovated souq will include 30 retail units and will be ready by mid-2017.