Mabanee Bahrain Company

Hilton And King Faisal Corniche Development (KFCD) Partner On US$ 66m Hotel At The Avenues, Bahrain

DUBAI, UAE and MCLEAN, Va. - At a meeting in Dubai attended by Hilton CEO Chris Nassetta and Mohammed Alshaya, Chairman of KFCD and Mabanee Company S.A.K, the two parties confirmed an agreement to open Bahrain's first Hilton Hotels & Resorts property. The 210 room Hilton Bahrain Bay Hotel & Residences will be located at The Avenues in Manama - a major retail and leisure destination scheduled to open later this year. The announcement strengthens a growing partnership between Hilton and Mabanee that promises to boost tourism to the GCC by delivering exceptional guest experiences to visitors in the region. The partnership sees the debut of the Hilton Hotels & Resorts brand in Bahrain and the opening of Waldorf Astoria and a Hilton Garden Inn as part of the expansion of The Avenues, Kuwait, also owned by Mabanee. Rudi Jagersbacher, President, Middle East, Africa & Turkey for Hilton Worldwide, said: "It is very exciting for us to be bringing our core Hilton Hotels & Resorts brand to Bahrain for the first time. This represents a significant commitment to the market for us and we are doing so with a trusted partner in KFCD, and at a location which is set to become one of the country's premier attractions for both visitors and local residents." Hilton Bahrain Bay Hotel & Residences will be directly attached to The Avenues, Bahrain. Phase 1 of the development will offer a wide choice of leading retail and restaurant brands covering 40,000 sqm of GLA which is due to open in the last quarter of 2017. A second Phase will add a further 30,000sqm of GLA. The site is located on the waterfront of Bahrain Bay. Mohammed Alshaya, Chairman of KFCD and Mabanee, said: "As we continue to evolve The Avenues brand, we are delighted to strengthen our partnership with one of the world's best-known hospitality companies and build on a relationship forged in Kuwait. Our partnership with Hilton Worldwide will enhance the overall experience at The Avenues, Bahrain creating a destination that appeals to local visitors, tourists and business travellers alike at this prime location. Hotel guests at Hilton Bahrain Bay Hotel & Residences will have direct access to the world class retail and entertainment offered at The Avenues, as well as the new 1.5km stretch of the Corniche, created to provide recreational and family-friendly facilities on the waterfront. The property will also benefit from direct links to both King Faisal Highway and Sheikh Isa Bin Salman Causeway, enabling ease of access to international visitors arriving at Bahrain International Airport or on the Causeway system linking Bahrain to Saudi Arabia. Carlos Khneisser, Vice President, Development, Middle East, North Africa & Turkey, Hilton said: "We are continuing to sustain rapid growth across the GCC under a range of brands and all these hotels represent quality locations and valuable additions to our portfolio. Working in strong partnership with owners such as KFCD and Mabanee, on a continued basis allows us to expand more quickly and more strategically. We look forward to working together on identifying further opportunities, as well as progressing the projects we are already developing together." Construction of the 210 guest room property is already underway and once completed it will consist of 150 apartments and 60 studio suites. Guests will be able to enjoy four distinct stand-alone dining outlets, a swimming pool, spa and fitness facilities. It is expected that the hotel will be completed and to welcome its first guests in early 2020. Hilton Bahrain Bay Hotel & Residences joins a pipeline of 120 properties for Hilton in the Middle East, North Africa & Turkey. The company boasts the largest active pipeline in the GCC of any hotel company, with over 16,000 rooms under construction.

Bahrain · 1 May 2017

Mabanee unit hires Nass Contracting to work on Avenues-Bahrain project

Kuwait-Mubasher: Mabanee Company said Thursday that its subsidiary King Faisal Corniche Development Company has signed an agreement with Nass Contracting Company to execute the main works of Avenues-Bahrain project. The contract is worth BHD 42.93 million ($113.1 million) and lasts for a period ending in February 2017, according to a bourse statement. Mabanee said that its unit has signed a memorandum of understanding worth $94 million with Kuwait Finance House-Bahrain to complete and execute the works of Avenues-Bahrain. Mabanee clarified that no financial impact will result from the agreement.

Bahrain · 10 Feb 2016

$93m waterfront mall work in Bahrain begins

Work on Bahrain's newest coastal development featuring a BD35 million ($93 million) waterfront mall got underway yesterday (September 30). The Avenues Bahrain shopping centre is the focal point of a new corniche being created by the King Faisal Corniche Development Company (KFCDC) off King Faisal Highway, with a creek separating it from Bahrain Bay, said a report in the Gulf Daily News (GDN), our sister publication. The project offers public access to a 1.5-km stretch of coast including children's outdoor play areas, a running track and outdoor gym sets, as well as waterfront restaurants and cafes, retail outlets, a suq, an indoor market and entertainment options such as movie theatres, children's arcades and a public park covering 85 per cent of the site. The ground-breaking ceremony for The Avenues Bahrain, spread along Manama's north-facing waterfront, was held under the patronage of Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa, who said it would boost retail trade and tourism, create direct and indirect employment and provide a new leisure and entertainment option. Also present at the ceremony were ministers, KFCDC deputy chairman and Al Salam Bank Bahrain chief executive Yousif Taqi. KFCDC is a venture by Bahraini private investors acting in partnership with Kuwait-based M H Alshaya and Mabanee Corporation, owners of The Avenues Kuwait which is billed as one of the largest malls in the world - with more than 800 stores spread over 425,000-sq-m. M H Alshaya is an international retail franchise operator that manages, owns and operates more than 70 international brands and 2,600 outlets in the Middle East and North Africa, Russia, Turkey and Europe. Mabanee general manager Waleed Alsharian told the GDN that the design of The Avenues Bahrain would combine a traditional Bahraini suq with contemporary elements. It will cover a total area of approximately 265,000-sq-m and is expected to open in early 2016. The mall will have a total leasable area of approximately 38,000-sq-m, occupying only 15 per cent of the overall site. "Bearing in mind the surrounding landmark buildings, we have chosen to limit the vertical space to one level," he said. Parking space for over 1,400 vehicles will also be provided. "A unique feature will be a water taxi service that we are planning to start, which will let shoppers get to the mall by boat from jetties around the country - including one planned near the National Theatre," Alsharian added. Regional and international retail investors are said to have expressed interest in leasing units at the completed mall. "The owners and developers of the project have extensive experience in the sector and this will in turn guarantee both the success of the project and the consequent benefits this brings to the public," said Mabanee Company and KFCDC chairman Mohammed Abdulaziz Alshaya. - TradeArabia News Service

Bahrain · 30 Sep 2014