This step promises to further reduce traffic congestion and enhance the premium parking services, adding to BIA's reputation as a friendly and fast airport. Both Bahrain Airport Company and Edamah are wholly owned by Bahrain Mumtalakat Holding Company, the investment arm of the Kingdom of Bahrain. Edamah will be managing the development of the Car Park through a build-own-operate-transfer (BOOT) model.

The project will focus initially on expanding Car Park (A) of the airport building, allowing for more than double the existing capacity by adding another level of shaded parking, with the least disruption to passengers. The agreement provides for further expansion of car parking at the airport in the future, in accordance with the needs and demands of the airport.

Gordon Dewar, Bahrain Airport Company CEO commented "At BAC, we are committed to the convenience of passengers and visitors to Bahrain International Airport as we provide better accessibility to premium parking spaces and increases our readiness for the future growth of passengers over the coming years".

"This major development will use a new model to draw additional funds through revenue sharing which will increase capital and make use of innovative partnerships within companies working under the Bahrain Mumtalakat Holding Company's umbrella," he added.

Ahmed Janahi, Acting CEO of Edamah said: "Bahrain International Airport is a major strategic asset for the Kingdom, where Edamah's contributions aim to develop the airport car park facilities in line with global best practices.

"Our company remains committed to utilize our resources and expertise not only to fund and develop the project, but also to ensure we support our partners in achieving their targets and creating the optimal solution for the airport's current and future car park requirements"

BAC aims to lay the foundations for change whilst taking forward active steps for multiple phased enhancements of BIA, as well as exploring and pursuing new ways to deliver improved services.

The memorandum of understanding allows Edamah to develop a full BOOT solution that will encompass the design, construction, financing, asset management and operation of the car park. Edamah is expected to issue tenders for the project in the coming months through the Bahrain Tender Board.

About Bahrain Airport Company (BAC)

Bahrain Airport Company (BAC) was established in 2008 with the mandate of developing Bahrain International Airport (BIA). A key role is to deliver enhanced and expanded capacity and infrastructure to accommodate future growth. BAC also manages the operations and commercial aspects of the Airport

About Edamah

Edamah was established in 2005 as a real estate investment arm of the Bahrain Mumtalakat Holding Company with an extensive portfolio in Bahrain. It is principally involved in leasing out property under operating leases and is also involved in the development and management of properties.

About Mumtalakat

Mumtalakat is the investment company for the Kingdom of Bahrain, and was established in June 2006 by Royal Decree as an independent holding company for the government of Bahrain's strategic non-oil and gas related assets. Mumtalakat was created to align and implement the execution of the government's initiatives to pursue value-enhancing opportunities, improve transparency and help achieve operational excellence for its state-owned non-oil and gas related assets. Mumtalakat holds stakes in over 35 commercial enterprises spanning a variety of sectors, including aluminium production, financial services, telecommunications, real estate, tourism, transportation, and food production.