MEA Sept 2017 cover- ALUPCO

MEAMARKETS / September 2017 5 NEWS , The Committee, which has judicial prerogatives, said that the decision to offer the Amwaj Gate- way project for auction came after exhausting all possibilities for a cordial settlement as per the pro- cedures stipulated by decree law 66 for 2014, and was made fol- lowing extensive consultation with developers and stakeholders. This follows the Committee’s pre- vious success finding sustainable solutions for real estate projects in Bahrain, including most recently the Juffair Views project. The Committee has also an- nounced the appointment of Clut- tons, the leading international real estate consultant, and Mazad B.S.C. (c), the Bahrain-based public auction specialist, to or- ganise and manage the public auction. The Amwaj Gateway develop- ment covers 33,391 square me- ters of land and will have a total built-up area of around 190,000 square meters once completed. The project consists of 20-storey twin-towers which accommodate 384 apartments and a two-storey building comprising of 93 town- houses. The development also includes a 143-room hotel tower. Harry Goodson-Wickes, Head of Cluttons Bahrain, comment- ed: “We are delighted to have been appointed alongside Mazad B.S.C.(c) to organise and manage the Amwaj Gateway development and to be working with the Judi- cial Committee for the Settlement of Stalled Real Estate Projects going forward. The Committee’s actions will no doubt translate into increased confidence levels in Bahrain’s real estate market. “We anticipate a lot of interest in the Amwaj Gateway Project once it is ready for auction later this year due to the potential of the development and its location. We believe that auctioning the project is the right move and we have already seen that it is an ef- fective method of selling real es- tate, based on previous auctions in Bahrain and in other countries across the region, including Saudi Arabia and the United Arab Emir- ates.” Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Announces the Sale of Amwaj Gateway at Public Auction In Bahrain, 22nd August 2017, Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects, announced that the Amwaj Gateway development project will be auctioned publicly. Talal Aref AlAraifi, CEO of Mazad B.S.C. (c), said: “We are very pleased to have been awarded the management of the Amwaj Gateway project alongside Clut- tons and believe that auctioning is an important step for Bahrain to boost investor confidence in the real estate sector. The auction is also a great opportunity for Mazad B.S.C. (c) to expand its activity to- wards real estate auctions and to showcase how transparency and fairness are central to the compa- ny’s business philosophy.” The project will be open to local and international buyers while aiming to encourage investment in Bahrain. The Committee will announce all relevant details in due course, including the date, time, minimum bid and location of the auction. enables a deeper understanding of what subconsciously drives emotional value and a sense of belonging for our customers and the wider community.” Through the study, neuroscien- tists identified a clear distinction between conscious and subcon- scious responses. For instance, when asked, respondents con- sciously indicated a liking for vi- brant environments with highly active social interaction. Howev- er, when analysing subconscious brain activity, scientists found that simple, everyday human activities around homes and communities have a more positive and lasting impact on our minds. “As destination creators, it is our vision and role to create mixed- used destinations with a heart and soul; where people can come to- gether to celebrate life and create great memories with their loved ones, every day. The study helps us identify crucial elements that make for happy, heathy commu- nities and become the foundation for how we bring our integrated retail, leisure and entertainment offering to design mixed-use des- tinations that drive holistic value for residents and surrounding communities,” he continued. The neuroscience study was de- signed in collaboration with Neu- rons Inc to inform Majid Al Futtaim’s unique ap- proach to placemaking - an ap- proach to property planning, development and design that encourages emotional and func- tional value. Across the globe, the effective integration of place- making principles has been seen to substantially enhance the com- mercial value of destinations and improve resident and visitor expe- riences. The announcement comes in line with Cityscape Global 2017, where Majid Al Futtaim will show- case the company’s integrated value proposition and announce continued investments in both existing and new developments in a bid to effectively meet and exceed the evolving expectations of residents and investors across the region.