Kuwaiti developer to launch $50m Bahrain project
Manama, May 19, 2014
By Avinash Saxena
Kuwaiti real estate developer First Bahrain expects to start work on a $50 million mixed-use commercial and residential development in Bahrain this year, said a report.
The company's general manager Amin Al Arrayed said the project will be built in two phases with 12,000 sqm of land earmarked for residential use and another 8,000 sqm adjacent plot for non-residential developments at Janabiya area of the kingdom, reported the Gulf Daily News, our sister publication.
"We are now focusing on the activation of additional properties in Bahrain and regional expansion of our wholly-owned subsidiary Majaal," he said.
Majaal's maiden project, an industrial facilities development at the Bahrain Investment Wharf, is fully leased out.
Selling development management services to other land owners who wish to develop industrial facilities is a new service line started by Majaal last year.
"Leveraging our existing team and cost structure, we have been able to secure a significant new revenue stream and see the provision of services as a significant component of growth in years ahead," stated Al Arrayed.
According to the general manager, the announcement of Bahraini businessman Waleed Al Khaja as First Bahrain's new chairman for a term of three years affirmed a strong commitment to the local market.
"The appointment also demonstrates shareholders' optimism with regard to Bahrain's property market," he added.
Al Khaja has more than 28 years of experience in the investment business, starting with the Pension Fund Commission, Finance Ministry's Investment Directorate, Social Insurance Organisation (Pension) and SIO Asset Management Company.
Since last year, he had been the managing director of his family-owned business, AMAK Property and Development, and is also on the board of Bahrain Tourism and Gulf Educational Projects (Applied Science University).
"I am committed to building on the company's firm foundations which have helped it survive and grow through the tumultuous years since the global financial crisis," remarked Al Khaja.
"We are strategically positioned to execute projects across the GCC with a demand-driven investment approach."
First Bahrain Real Estate Development Company was established in Kuwait in October 2004.-TradeArabia News Service