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Press Release
Bahrain Financial Harbour and Azadea Group enter strategic agreement for uptake of space in the 'Financial Centre'
Manama, Bahrain, 8th November 2007: Bahrain Financial Harbour today confirmed that it had signed a tenancy agreement with Azadea Group Holding, the owner and operator of leading international franchise retail concepts in the Gulf region, Middle East and Eastern Europe.
As per the terms of the agreement Azadea Group has committed to an uptake of space on the 7th floor (covering an area of over 1000 sqm) in the West Tower, which forms a key component of the Financial Centre - Phase I of the landmark Bahrain Financial Harbour (BFH). It has, further committed to introducing its brands at BFH.
While welcoming Azadea Group to the fast-growing group of BFH tenants, Mr. Salwan Uchi, Senior Manager Leasing,Sales & Marketing, BFHHC said:"I congratulate the renowned Azadea Group for taking a far-sighted decision of moving into BFH and thus fully utilizing the strategic advantages that such relocation offers. It's a well-known fact that in addition to being a fully-integrated master-planned development, BFH is one of the best addresses for varied types of businesses. We are sure that with the advantages that the BFH model offers, the Azadea Group would have no difficulty in further consolidating its presence in the region."
Azadea Group is one of the fastest growing retail groups worldwide. Established in 1978, it carries a strong franchise portfolio of over 40 diverse brands that feature some of the industry's most identifiable names, including Zara, Massimo Dutti, Bershka, Mango, Promod, Virgin Megastore, Paul and Sunglass Hut. The group has its headquarters in Beirut, Lebanon. A comprehensive network of local offices supports the group's operations in the Middle East and Europe. Currently, it operates 279 strategically located stores across the Middle East and plans to open over 500 additional shops in the next three years.
At present the group operates in Lebanon, Bahrain, the UAE, Kuwait, Qatar, Saudi Arabia, Oman, Jordan, Romania and Egypt.
Mr. Rodolphe Melki, Country Manager of Azadea Group Holding said: "Having chalked out our expansion plans we decided that a sophisticated business infrastructure like the one envisaged at the BFH development would be better suited for our business operations in Bahrain. Additionally we perceive a positive change in the way business will be conducted in the region in the near future. By signing this agreement with FCDC,BFH, we are becoming partners in this trend and ambassadors of dynamic change. We are thus very excited about opening our new facilities in this landmark development."
Note to the editor
About BFH
A fully integrated, master-planned development, the US$ 3 billion Bahrain Financial Harbour (BFH), is creating a complete financial city, a self-contained community and reinforcing Bahrain's unsurpassed position as the financial capital of the Middle East. A first of its kind development in the region, BFH is a highly focused, committed and advanced financial environment spread over 380,000 square meters of prime seafront property in the centre of Manama, Kingdom of Bahrain. Furthermore, it comprises of 10 projects that uniquely combines business, leisure and residential components under one canopy. Phase I of the project ‘The Financial Centre' which includes the Harbour Towers - Bahrain's tallest towers and the Harbour Mall. The Financial Centre is operational and open for business.
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