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.
I am pleased to report a return to profitability in a year marked by activation of our signature asset in Seef with the signing of a long-term lease and build-to-suit contract with Jarir Bookstore, one of the strongest and enduring home-grown brands from the Kingdom of Saudi Arabia, and the construction of the El Balcón Mall on the adjacent plot, which is due for opening during Q3 2020. These achievements come alongside significant success in sales and collections with the cumulative transfer of title deeds for 22 of the 42 homes at El Mercado Village. We also restructured all of the Company’s debt in a new relationship with Khaleeji Commercial Bank, securing the funds required to build the new projects in Seef while also reducing half our annual cash payments for profit and principle.
These significant achievements enabled the Company to finish the year in its strongest cash position in the decade since the global financial crisis. As I now write you, the world has entered another significant health crisis, surrounding COVID-19. As governments around the world place restrictions on personal and business activities to slow the spread of the disease and the global financial markets have suffered a major shock, I am grateful to report to you that the Company is in the best possible position to endure this time of uncertainty and come through in a leading position on the other side. While we expect to take a substantial economic hit in the year ahead, we have great hope for a future beyond the current difficulties.
As we work together towards a good future, may Almighty Allah grant us all sustained success and prosperity.
Waleed Ahmed Alkhaja