Bahrain-based Al Khaleej Development Co. (Tameer) has begun construction on a $15 million self-storage project called Takhzeen. It is the first project of its kind in Bahrain and the largest in scale in the Middle East. The project broke ground last month on a 20,000-square-meter parcel that will contain two buildings and yield 1,600 units. Construction time is projected at 10 months.
Tameer established Takhzeen Warehousing & Storage Co. as a closed Bahraini shareholding company in a strategic alliance with Kuwait-based Al Muthana Investment Co. and Al Khawari Group, with an authorized capital of $50 million and a paid-up capital of $10 million.
Takhzeen will develop, manage and operate self-storage facilities for domestic and business use starting in Bahrain and expanding the concept in the Gulf Corporation Council and the Middle East.
Takhzeen is an immediate translation of Tameer's new investment strategy to diversify its investment portfolio into value-added and alternative real estate projects, according to Tameer CEO Laith Al Memar.
In the short term, the strategic direction for Takhzeen involves tapping into various sectors of the warehousing and logistics industry and expanding regionally to enhance the company's business plan and diversify its revenue streams, said Murad Al Ramadan, deputy chief executive and head of investments of Tameer and managing director of Takhzeen.
Sources:
- TradeArabia: Tameer starts work on $15m project