Manama, Kingdom of Bahrain:
Global Banking Corporation B.S.C (c) (GBCORP) has announced the appointment of Global Real Estate Development Company (GREDCO) as Development managers in charge of development and marketing of the US$2.4 billion Marsa Al Seef project, the largest Marina development in the Middle East.
Marsa Al Seef is one of the next global maritime lifestyle destinations and one of the most exclusive and innovative waterfront projects in the Middle East.It is located on the Kingdom of Bahrain’s elegant northern coast, which is the fastest growing business and leisure destination on the island.
GREDCO is an established company engaged in leveraging opportunities in the real estate sector. The company focuses on project and infrastructure development, plus offers a comprehensive portfolio of investment and management services.
Mr. Maher A.Aziz Al Shaer has been appointed as the new Chief Executive Officer of GREDCO.
Mr. Al Shaer will lead a high-calibre Marsa Al Seef team, based on the 18th Floor of GBCORP Tower in Bahrain's Financial Harbour district. GREDCO will shortly begin sourcing developers and starting the marketing campaign of this unique 3-year project.
Abdul Rahman Mohammed Al Jasmi, Vice Chairman and Managing Director of GBCORP and Chairman of GREDCO, commented:
"GBCORP's business strategy is to build on the region's positive economic outlook, particularly in the Kingdom of Bahrain. We aim to capitalise on new opportunities which transcend global boundaries and serve as a unique accelerator for investments within the GCC".
"Marsa Al Seef covers approximately 26 million square feet and is one of the most exclusive and innovative waterfront projects to be undertaken globally.
"The project is a celebration of maritime lifestyle – an amazing waterfront destination enriched with world-class amenities and lifestyle character. It will boast an unprecedented blend of unique residential, leisure, retail and entertainment opportunities for residents and visitors alike." He added.
"Its swift access to major business centres, the Bahrain International Airport, the Saudi Causeway and the upcoming Qatar Causeway will all contribute to significantly boost Bahrain’s tourism industry."
"Maher Al Shaer’s valuable experience in the real estate sector and strategic business approach are key fundamentals that add value to GREDCO’s portfolio."
Commenting on the challenges facing the industry, Mr. Al Shaer said:
"I am very happy indeed to be joining GREDCO at this time. It is both a time of great challenge and large innovative opportunity to develop Marsa Al Seef as a maritime lifestyle destination, a highly sophisticated new waterfront city that will stand tall globally in to the future."
Maher A. Aziz Al Shaer has joined Al Retaj Holding Company as Managing Director in 2007, a Bahrain based Real Estate Development Company. Also, he was Country Head and Vice President of Asset Management and Development with Majid Al Futtaim Group in charge of Bahrain City Centre project. At this real estate conglomerate, he oversaw the development from conception to completion of a US$ 600 million integrated shopping mall, which was opened on September 2008.
Maher has also held the position of General Manager of Seef Properties, Bahrain. During his 8-year tenure, Maher successfully managed a mixed portfolio of properties Maher also is President of the Middle East Council of Shopping Centres and an active member of the International Council of Shopping Centres. |
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