Business
New Time Out Market - Bahrain (Mgmt Agreement)
New Time Out Market - Bahrain (Mgmt Agreement).
About this update from Time Out Group Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n\n\n\n\n\n\n\n\n \n5 September 2023\n \nTime Out Group plc\n(\"Time Out\", the \"Company\" or the \"Group\")\nNew Time Out Market - Bahrain management agreement\n \nTime Out Group plc (AIM: TMO), the global media and hospitality business, announced today that it has entered into a management agreement with Majid Al Futtaim Properties Bahrain to open a new Time Out Market (\"Market\") at City Centre Bahrain with an expected opening date towards the end of calendar 2024.\n \nThis new agreement increases the number of new sites to nine Markets in development which are set to open between 2023 and 2027, in addition to six Markets already open and a pipeline of other locations in advanced negotiations.\n \nCity Centre Bahrain, the leading shopping, leisure and entertainment destination in Bahrain is home to more than 340 brands, attracting more than 14.6 million visitors each year. Owned and managed by Majid al Futtaim - a diversified lifestyle conglomerate spanning 16 countries across the Middle East, Africa and Asia - City Centre Bahrain provides over 1,7 million sq ft of retail space, offering visitors a blend of affordable to high-end retailing options as well as two five-star hotels and a range of family entertainment and leisure facilities.\n \nSpanning 35,000 sq ft, Time Out Market Bahrain will feature an editorially curated mix of eleven kitchens, a dessert counter, a coffee shop, two bars, one exhibition space, one stage, and an al fresco rooftop. With more than 900 seats over two levels, diners are able to experience the best regional culinary and cultural talent from award-winning chefs to up-and-coming restaurateurs and artists.\n \nUnder a management agreement, Time Out Market receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site.\n \nSandy Hayek, Time Out Market CEO said: \"We are delighted to partner with Majid Al Futtaim to open Time Out Market Bahrain in a very popular location. This is where we will bring the best of Bahrain's vibrant culinary scene together under one roof - the food here is incredibly diverse and culturally rich and we are looking forward to showcasing the best local talent at Time Out Market Bahrain.\n \n\"Interest from landlords and rea...