Bahrain Seef’s operating profit up 9.7pc

Seef, a leading integrated development company in Bahrain, has registered a 9.7 per cent growth in its operating profit which soared to BD12.69 million ($33.4 million) in 2015 from the previous year’s BD11.56 million ($30.4 million).

The consolidated net profit after considering the valuation gain was BD9.84 million compared to BD10.82 million the previous year, said senior officials at the company’s annual general meeting held on Wednesday.

Speaking at the meeting, Seef vice chairman Sager Shaheen said: “We are currently in the final stages of evaluating a number of investment opportunities and we aim to announce the commencement of the projects during 2016.”

“Overall, we are happy to report yet another profitable year. Revenues across all segments have increased during the year which resulted in an increase in the overall operating profit,” Shaheen told the shareholders.

He pointed out that the group had been able to transform Seef quite dramatically since its inception.
“Today we have a much stronger brand, a more diversified portfolio and have increased the total gross lettable area. Overall, this has resulted in a much stronger capital base with a higher level and quality of earnings,” stated Shaheen.

“As witnessed by the company’s overall record result, 2015 was a year which proved that through the consistent hard work we can continue to reach new heights. The industry has now come to recognise the Seef brand as a market leader,” he added.

Impressed by the results, Seef has endorsed the recommendation of its board for distribution of cash dividends worth BD5.52 million ($14.5 million) to the shareholders.

On the group’s long-term strategy, Shaheen said: “We will focus on growth by expanding and diversifying our portfolio to leverage our competitive strengths and maximise economies of scale. Despite the challenges and economic outlook, we are continuously looking for valuable investment opportunities.”

“This stems from our belief that during challenges opportunities arise,” he added.-TradeArabia News Service

Source: Tradearabia.com

Bahrain had issued 95 tenders worth BD363 million ($956 million) last year to build hundreds of residential units in the kingdom as part of the government’s housing plan, said a report.

The number of projects funded by the general state budget had increased by six per cent in 2015 over the previous year, reported the BNA citing the Minister of Housing Bassem Al Hamer.

A total of 51 tenders worth BD168 million ($442 million) have already been awarded, stated the minister at the Cabinet session on Monday which reviewed steps taken as part of the government’s housing action plan.

The other projects, funded by the GCC Development Programme, have also been put out to tender, stated the minister.

These include the first phase of the 1,580-unit Southern Governorate project; the second phase of the 577-unit Northern City project; the 389-unit Hidd project and the 746-unit Phase Two of the Sitra project, he added.

The minister’s report also highlighted the social and economic housing projects implemented by public and private sector partnerships in the kingdom.

These include 1,618 social housing units and 368 economic housing units in the Northern Town, besides the 832 social housing units in Al Lawzi region worth BD162 million ($427 million), which are 25 per cent complete, the report added.

Source: Tradearabia.com

First Bahrain, an innovative real estate developer, will be launching a new neighbourhood retail centre El Mercado Janabiya at the upcoming Gulf Property Show, a boutique showcase for real estate and property development in the Northern Gulf.

A key regional event being organised by Bahrain-based Hilal Conferences and Exhibitions (HCE), the Gulf Property Show will be held from April 26 to 28 under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, Prime Minister of Bahrain at the Bahrain International Exhibition and Convention Centre.

Due for opening shortly after the exhibition, El Mercado Janabiya will deliver a broad array of services and food and beverage options to southern Saar and Janabiya, said a top official.

“We are very proud to exhibit our latest development, El Mercado – Janabiya, at the Gulf Property Show,” remarked Amin Al Arrayed, the chief executive of First Bahrain.

“The feedback that we have received from the neighbouring residents of Janabiya and Saar as well as prospective tenants has been overwhelmingly positive which encourages and reassures our belief in our new project debuting at the show,” he noted.

According to him, the construction and landscaping are in their final stages of completion with a soft opening scheduled for May 2016.

“Already 80 per cent leased, the open-air marketplace is sure to become a favourite place to shop and eat with family and friends,” he stated.

Along with the newest and largest Al Osra Supermarket in Bahrain, the market will feature an elegant ladies’ salon, a classic barber for men, and an educational toy shop.

El Mercado Janabiya is actively seeking services to complement the existing offerings including a bank, laundry, and optician shop, it stated.

Lauding the project, Jubran Abdulrahman, the managing director of HCE, said: “El Mercado provides a high-class development from a reputable institution for visitors at Gulf Property Show. The state-of-the-art development demonstrates the quality First Bahrain delivers in all its projects, creating a memorable lifestyle experience that meets real market needs.”

Gulf Property Show’s strategic sponsors are Diyar Al Muharraq and Manara Developments in association with the Bahrain Property Developers Association (Bapda).

First Bahrain, which was established in Kuwait in 2004, has a paid-up capital of KD23.3 million ($78 million) and owns or holds rights to over 1 million sq ft of strategically located lands in Bahrain.

Dedicated to achieving sustainable returns through collaborative relationships, First Bahrain creates enduring value for all stakeholders with a demand-driven investment approach.

Operating out of Bahrain and Kuwait, the company is well known for Majaal, an SME (small and medium enterprises)-focused industrial facilities development at the Bahrain Investment Wharf in Hidd.

The $40-million complex includes seven buildings which are fully leased to a diverse portfolio of tenants, generating stable cash flow for the company.

Building on its success in industrial property, First Bahrain now expands into commercial development with El Mercado Janabiya, a neighbourhood market built on an open-air elevated platform, which is due to open to the public in Spring 2016.-TradeArabia News Service

Source: TradeArabia.com