On behalf of the Board of Directors, I welcome you to our site. As a stakeholder of First Bahrain, we invite you to interact with us here.
We sincerely appreciate the trust the Shareholders have placed in us and in turn we aspire to manage your resources with transparency and integrity.
2018 has been a year of significant milestones in the history of the Company. El Mercado Village, our first residential project, concluded construction and we handed over 15 of these newly finished homes to their new owners by year end. In bringing this project to completion, we were the very first company in Bahrain to secure approval from the Real Estate Regulatory Authority (RERA) to release funds from off-plan sales which had been held in escrow during construction. We are very proud of our leadership and full compliance within this new legal framework intended to restore investor confidence within the local real estate market.
Supported by this major achievement, the Board approved commencement of a new commercial project on our land in Seef, activating this strategic property on which the Company was founded. This new investment will utilize 68.7% of the value of our dormant land bank, developing two of the four vacant plots into income generating commercial properties by the end of 2020. The first phase of the project is an outdoor, food & beverage and convenience-oriented retail centre. The development will offer a mix of casual dining restaurants, cafés, shopping, and services featuring terraced views and outdoor seating. Anchoring the combined development, the second phase will feature the first Jarir Bookstore in the Kingdom of Bahrain. One of the strongest and enduring home-grown brands from the Kingdom of Saudi Arabia, Construction for the commercial development in Seef began in early 2019.
As we work together towards a good future, may Almighty Allah grant us all sustained success and prosperity.
Waleed Ahmed Alkhaja