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First Bahrain returns to profitability as it generates operating revenue from delivered projects in 2010

First Bahrain, an innovative Kuwaiti real estate company, held its annual general meeting (AGM) at its headquarters in Al Khaleej Tower in Kuwait to discuss the company’s achievements and the 2010 financial report.

Despite the challenging environment, the company reported a net gain for the year, overcoming losses posted in 2009. The company began generating operating revenue from its delivered projects in 2010 and continued to reap valuable benefit from its consistent and conservative approach to the management of resources.

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Bahrain Polytechnic Staff tour Majaal

First Bahrain, an innovative regional real estate developer, today received key faculty members of Bahrain Polytechnic (BP) at First Bahrain’s flagship project Majaal, an SME-focused warehousing facility. The BP faculty were welcomed by Amin Al Arrayed, General Manager of First Bahrain and Managing Director of Majaal. The visitors were given an extensive tour of the facility by First Bahrain team members, to get more insight into the development and trends in the logistics industry.

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AGM to be held 22 May 2011

First Bahrain announces that the Annual General Meeting of the shareholders for the year ended
31 December 2010 is scheduled for 22 May 2011. The meeting will be held at 11:00 at its offices which are located on the 15th floor of the Al Khaleej Tower on Abu Baker Al Sadeeq Street in Al Qibla, just north of the Sheraton Hotel.

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First Bahrain Repays $1.5 Million Loan

First Bahrain, an innovative regional real estate developer, announced today it has repaid in full a US $ 1.5 million loan to Kuwait Finance House (KFH). Maintaining its solid liquidity, the company repaid on the maturity date the three year term loan issued by KFH in 2008 to provide the initial funding for First Bahrain’s flagship project Majaal, an SME-focused warehousing facility.

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Majaal continues to facilitate Foreign Direct Investment into Bahrain

First Bahrain, an innovative real estate developer, announced today that it is still attracting overseas companies to set up business in Bahrain and has just signed a new tenancy agreement for its Majaal Warehousing Company. Switz Group, one of the Middle East’s largest manufacturers and distributors of bakery products, has chosen Majaal warehousing and logistics complex as an ideal location to serve the expansion of their subsidiary brand, to be known as Bahrain Masterbaker WLL.

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First Bahrain to participate as a logistics sponsor at the Gulf Industry Fair 2011

First Bahrain, an innovative regional real estate developer, announced its participation as the logistics sponsor at the Gulf Industry Fair 2011, the most comprehensive industry-related exhibition in the Middle East. At the exhibition, being held from 8 to 10 February, First Bahrain will showcase operational progress and expansion of its flagship project Majaal, Kingdom’s first small and medium enterprises (SMEs) focused warehouse development.

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BWS as cost consultants for Majaal’s Phase II

First Bahrain, an innovative regional real estate developer, announced the reappointment of Baker Wilkins and Smith (BWS) Middle East to provide cost management services for the second phase of its flagship warehousing and logistics project, Majaal. The signing follows First Bahrain’s significant progress in the leasing of Phase I of Bahrain’s first small to medium enterprises (SME) focused industrial development.