AMS unveils official leasing of Bahrain's Downtown Al-Areen mixed-use project

The company today announced the start of official leasing of the 46,000 square metre GLA (Gross Leasable Area) Downtown Al-Areen - a mixed-use property development in the Kingdom of Bahrain.

The leasing of the development would be done through Gulf Management & Services, AMS' affiliate in the Kingdom of Bahrain.

An announcement to this effect was made at the 2008 annual convention of Middle East Council of Shopping Centres (MECSC), being organised at the Dubai International Convention and Exhibition Centre between April 21 and 22, 2008.

The project encompasses residential and serviced apartments, offices, hotels and outdoor shops. Gulf Holding Company is the developers of the project, anticipated to open over five phases between October 2009 and January 2010.

As per the terms of an exclusive contract awarded by Gulf Holding Company, AMS will handle the consultancy, sales, leasing and management services for the development, spread across a massive 600,000 square metres.

AMS is also under assignment to handle consultancy, leasing and management for various projects in the region. AMS and its regional affiliates in the GCC-Levant region -- AMS-Dubai, Gulf Management & Services in Bahrain, Beirut Real Estate Management & Services s.a.l. in Lebanon and Amman Real Estate & Management Services in Jordan manage 17 projects, covering a combined Gross Leasable and / or Sellable Area (GLA / GSA) of over 5 million square metres.

Commenting on the latest developments at AMS, H.E. Nasser Mohammed Al Nowais, Chairman of AMS, said: 'The property sector across the Middle East and North Africa region is booming and offers unmatched opportunities across the entire value chain from initial stage consulting services to the actual operations and facility management of residential and commercial properties. We are moving ahead with the confidence of achieving substantial success and establishing itself as a quality leader across the entire consultancy chain'.

Among AMS' clients are leading property owners and developers in the region including Dubai Properties, Abu Dhabi Trade Centre, Manazel Real Estate, Bani Yas Investment and Development Company, Jumeirah Beach Residence, Sultan Al Dhaheri Group, Solidere, Abdali Investment & Development PSC and Gulf Holding Company.

H.E. Al Nowais added: 'As part of the developments that we manage and lease, we stress on providing quality products to our customers and at the same time offering the best services to our tenants. In order to achieve this, we are thankful to all the property owners and developers who have put their trust in our expertise and professionalism. We enter into mutually beneficial and sustainable relationships with developers, investors and service providers alike, offering best practices and solutions in the region. We are happy to have already proven our expertise in this market segment'.

AMS is currently leasing The Walk mixed-use property development at Jumeirah Beach Residence in Dubai with shop-fittings in the final stages of completion.

The soft opening is likely soon. Leasing is also complete for the Solidere shopping district project in the heart of Beirut. The handover and shop fittings process is currently under way.

AMS is also leasing out the properties at Wahat Hili Mall in Al Ain, which initially had a GLA of 31,000 square metres. Due to heavy demand from retailers, the mall added an addition 3,000 square metres of GLA. Among the anchor hypermarkets at the centre is Geant.

The company has already leased over 30 per cent of its mixed-use development Bawabat Al-Sharq at Abu Dhabi.

The project, with a GLA of over 56,000 square metres, will encompass a Geant Hypermarket, Grand Cinemas and has received strong response from large box operators.

AMS has leased nearly 30 per cent of the 9712 Mall in Abu Dhabi (formerly known as the Building Material City).

The mixed-use project, with a GLA of over 58,000 square metres, will comprise 36 residential and office towers with amenities for an expected population of over 25-30,000.

The company is also leasing the 'Villamar at the Harbour' project in Bahrain, which won the 'Best Real Estate Project for 2008' at the Arabian Business Awards held in Kuwait on March 26, 2008.

Leasing is also under way for the Al Abdali Mixed-Use Development in Jordan and the Bay Avenue in Business Bay, Dubai.

Established in late 1999, AMS' first client was the Abu Dhabi Trade Centre which also hosts the Abu Dhabi Mall.

Today, the company and its affiliates, through strategic alliances with corporate partners, have grown rapidly to become leading regional players and manage projects in the UAE, Bahrain, Jordan and Lebanon. AMS has also embarked on an aggressive regional expansion strategy.

Originally focused on retail commercial projects such as the management of shopping malls, AMS has in recent years expanded its services to meet the market demand for similar services for residential and commercial properties.

AMS and its affiliates are targeting revenues of Dhs30m in 2008 generated by their Consultancy, Sales & Leasing and Management services.

Across the region, the company employs over 60 highly trained staff including Consultants, Sales, Leasing and Financial Experts, Lawyers, Architects, Designers and Engineers who have a thorough understanding of the Property consultancy, Sales & Leasing and Management domain.