About First Bahrain
What is First Bahrain?
First Bahrain Real Estate Development Company is a regional real estate developer.

When was it established?
It was established in Kuwait in October 2004.

What is its paid up capital?
First Bahrain has a paid up capital of KD 31,500,000

Where are the offices located?
It has two offices, jointly headquartered in Bahrain, and Kuwait.

Who are the shareholders?
First Bahrain’s principal shareholders are leading regional institutions and high-profile real estate investors including KAMCO, Iskan Housing Finance Company and Wafra International Investments.

What current projects is First Bahrain involved in?
First Bahrain’s inaugural project is a warehousing and business solutions centre at the Bahrain Investment Wharf (BIW). The project is built on sound fundamentals and designed to cater to the strong demand in Bahrain for warehousing facilities. First Bahrain has many other regional projects in the pipeline including a mixed-use residential project in Janabiya, Bahrain.

Who is the General Manger?
Mr. Amin Al Arrayed is the General Manager of First Bahrain, he joined the company in 2007.

Are there any plans to take the company public?
First Bahrain expects to be eligible to list on the Kuwait Stock Exchange in 2009 and intends to do so, subject to favorable market conditions.

Project at BIW:
What is the BIW project?
It is a warehousing and logistics facility located in the Bahrain Investment Wharf situated near the new Shaikh Khalifa Port at Al Hidd, Kingdom of Bahrain.

What is the site area of the development?
The project will be built on an area of 716,000 square feet

What are the components of the project?
The project will offer warehousing and logistics facilities for lease. The facility will cater to a niche market which has increased substantially due to recent economic growth in the Kingdom. The project will offer flexible unit floor plans in a fully secured environment, ranging in size from 2,500 square feet upwards

Who are the major consultants?
The facility is being designed by international engineering firm Tebodin Consultants & Engineers. The main contractor will be announced soon.

What are the benefits of the storage facility?
The design of the facility will ensure the use of advanced technologies for security monitoring, access, and fire control systems in addition to a range of value added services.

What type of businesses are you expecting to attract?
We expect the development to meet the increasing demand from small and medium enterprises (SME’s).

Project in the Seef District:
What is the status of the Seef Project?
First Bahrain’s Board of Directors has taken the considered decision not to move ahead with the company’s planned mixed-use project in Bahrain’s Seef area, in order to maintain the company’s sound financial position. The land will be retained by First Bahrain until further notice. First Bahrain has taken steps to ensure that all 3rd parties with planned involvement in the project are not adversely affected by the decision, and because of the early stages of the project, this has been a smooth process.

This decision reflects First Bahrain’s consistently prudent approach to business. It is a realistic decision in the current market, and means the corporate balance sheet remains in a very healthy position. First Bahrain’s operations and projects remain sustainable because the company has ensured a significant built-in financial buffer. It is actively considering other market opportunities, and has expanded its exciting project located within the Bahrain Investment Wharf to serve a market demand.

Additional information will be released as it becomes available.