First Bahrain, a leading Kuwaiti real estate development company, today announced a 10% share dividend, distributing KD 2,120,996 of its retained earnings proportionally amongst its shareholders. The distribution is the final step in the successful implementation of corporate restructuring effort which reset the paid up capital to KD 23,330,960. The company, founded in 2005, is one of the few developers to have weathered the 2008 global financial crisis with positive historical earnings.
With construction on their neighbourhood retail centre in Janabiya progressing smoothly to the 30% mark, First Bahrain Real Estate Development Co. today unveiled the branding for its new development which will henceforth be known as “El Mercado Janabiya.” The new identity, designed by local consultancy MM Brand, translates to “the market,” honouring the Spanish Mediterranean feel of the architecture while describing the centre as a place which will facilitate both community and commerce in a beautifully landscaped outdoor space.
Construction is underway on a neighbourhood retail centre in Janabiya, following a groundbreaking ceremony at the site of the new development where images of the new facility were publicly unveiled for the first time today. This event follows the recent announcement of the funding provided by Kuwait Finance House for this, the first phase of a USD 30 million development which has been designed by Sanad Engineering and being built by the Almoayyed Contracting Group.
Building on the strength of a long established relationship, Kuwait Finance House – Bahrain (KFH) and First Bahrain Real Estate Development Co. today jointly announced a new project finance agreement which will fund the construction of the first phase of a new USD30 million commercial development in Janabiya. This announcement follows the recent news of the appointment of the Almoayyed Construction Group and Sanad Engineering as the lead members of the project team to design and construct the facility. The new project will be ready for occupancy by the second quarter of 2016.
Building on its success in the industrial sector where its USD 45 million Majaal Warehouse Development is now fully leased and operational, First Bahrain Real Estate Development Company K.S.C today announced the appointment of the Almoayyed Contracting Group and Sanad Engineering as the lead members of the project team for its new USD 30 million commercial project in Janabiya.
Having successfully guided the development of their USD 20 million industrial facility, Mazaya Holding Co. of Kuwait today appointed Majaal Warehouse Co. to continue their service to the project as facilities and leasing managers. In announcing this appointment, Mazaya also confirmed that the construction of their project within the Salman Industrial City at the Bahrain Investment Wharf (BIW) had reached practical completion.