Tameer gets RERA Property Developer Licence

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Al Khaleej Development Company (Tameer), the real estate development arm of INOVEST Group yesterday marked obtaining its RERA Property Developer licence. The move comes as part and parcel of INOVEST’s Group strategy to expand activities through its subsidiaries and to accordingly reinvigorate the developer’s position within the sector.

It is noted that INOVEST, of which Tameer is a key subsidiary, has an exceptional track record across numerous real estate subsectors, from the development of comprehensive residential communities such as Tala Island in Amwaj, to individual and traditional warehousing and storage zones under Takhzeen, as well as industrially zoned infrastructural mega projects such as Bahrain Investment Wharf which remains one of the Kingdom’s largest development projects to date and a hugely successful example of public-private partnerships.

Talal Al Mulla, INOVEST’s Chief Investment Officer, said, “In accordance to its three year plan, in which the real estate sector is a primary sector, INOVEST stands solidly poised to capture a clear opportunity through the studied expansion of Tameer’s activities which will in effect contribute to strengthening the Group’s overall presence and achieve sustainable and stable returns in the years to come.” Al Mulla further noted, “Tameer’s initial mandate will be to develop and contribute to the provision of affordable but quality-driven housing solutions at a national level.

To that end, Tameer is in the final rounds of negotiations with key partners towards agreements for such projects, which we look forward to announcing in due course.” It is noted that receiving RERA Property Developer licensing was marked as the first step in a series of strategically planned developments for Al Khaleej Development Co. (Tameer).