Manama, Bahrain – 21 April 2019: Jarir Bookstore, one the largest retail stores in the GCC, announced that it will open its first branch in Bahrain. The new branch will anchor a project now under construction by First Bahrain Real Estate Development Company (First Bahrain) in Seef District.
Jarir COO Mr Nassir Al Ageel noted Seef District as the best location for their new branch, due to its attractive investment environment. He added: “The area is considered to be the prime tourism and commercial destination for residents and tourists in the Kingdom, and we believe this showroom will contribute to the overall sales growth of Jarir, which will reflect positively on our shareholders”.
Mr Al Ageel indicated that the amount of investment in this showroom is around USD 10 million (BHD 4 Million), and it should contribute to providing many job opportunities in the Kingdom of Bahrain. The project is set to be open by next year.
He added that the new showroom will be the ultimate destination for the lovers of latest technology gadgets and books, as it will offer a very wide range of office supplies, school supplies, English & Arabic books, arts & crafts, smartphone & laptops and their accessories, and video games.
The new Jarir Bookstore will be integrated into a larger commercial development featuring over 79 thousand square feet of premium retail space, built on 114 thousand square feet of land. The total project value will be around USD 36.7 million (approximately BHD 14 million). In addition to Jarir, the retail complex will feature a mix of cafes, restaurants, entertainment, and retail shops that will offer a unique experience through a mix of drive up and drive thru outlets featuring terraced views and outdoor seating.
“Following an extended exploration phase, we are incredibly pleased to have concluded an agreement which will facilitate the entry of Jarir Bookstore to the Bahrain market with their first location being built on our property in Seef. We are honoured to be working with such a well-established and highly esteemed regional brand. We are positive this project will be a destination for many and will provide much needed choice, variety and opportunity in in the local market for personal electronics, stationery and books,“ stated Omar Altemiemy, Chief Executive Officer of First Bahrain.
The Bahrain Economic Development Board (EDB) has supported Jarir throughout their set-up process. Commenting on this, Mr. Husain Rajab, Executive Director of Business Development- Tourism, Education and Healthcare said: “As one of the leading companies in The Kingdom of Saudi Arabia, the launch of Jarir Bookstore in Bahrain will enhance the retail experience and help meet growing customer demands. This announcement comes as a reflection of the longstanding strategic relationship between the two Kingdoms, and the interest of Saudi and Gulf investors in expanding into Bahrain due to its growth in vital economic sectors, and the many competitive advantages the Bahraini business environment offers.”
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About Jarir Bookstore
Jarir Marketing Company was established in 1979 in Riyadh, and that was the birth of the first Jarir Bookstore showroom. In 2002, Jarir Marketing Company was publically listed in Saudi Stock Market and today it has paid capital of SR1.2 Billion and made SR7.3 Billion in revenues in 2018. Jarir Marketing Company operates in Retail Sector with 56 showrooms across the GCC. Also, operates 3 branches for wholesale /distribution in Saudi. Jarir Bookstore is the leading retailer in the GCC in consumer electronics, books and stationary. Jarir has always been the first to introduce latest technology gadgets to its customers. To know more, please visit www.jarir.com.
About Bahrain Economic Development Board
The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.
About First Bahrain
First Bahrain Real Estate Development Company is a well-established real estate developer founded in Kuwait in 2004 and operating in Bahrain since 2007.
Dedicated to achieving sustainable returns through collaborative relationships, First Bahrain creates enduring value for all stakeholders with a demand-driven investment approach, in accordance with the principles of Sharia.
First Bahrain owns or holds rights to over 1,000,000 square feet of strategically located lands in the Kingdom of Bahrain. The Company’s signature project is the mixed-use project, El Mercado Village, featuring an integrated neighbourhood market and residential development comprising of 42 stand-alone and semi-detached homes. First Bahrain is also the parent company of the Majaal Warehouse Co., the leading developer and operator of industrial facilities for SMEs. Majaal’s properties at the Bahrain Investment Wharf in Hidd consist of seven buildings offering over 400,000 square feet of leasable space.
