Salah Ahmed Al-Wuhaib, Chairman of First Bahrain told the annual general assembly that the improvement was a direct result of the Company’s success in leasing the Majaal property, which contributed to an overall increase of $1.73 million in the investment value of the Company’s investment properties, compared to a loss of $7.64 million in the value of those properties during 2009.
“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.”
“I am pleased to hold this annual meeting and share with you the Company’s key accomplishments for 2010. With its ideal location and unit sizes that meet the requirements of small and medium enterprises (SME’s), company’s innovative warehousing development Majaal managed to attract 14 tenant companies across diverse range of sectors. Over 70% of the leasable space in the development’s first phase has now been occupied.”
“Moving ahead this year, we will focus on the expansion of the second phase of Majaal, which will more than double the size of the facility, offering a total of 270,000 sq feet of leasable space. We are also preparing to expand the Majaal SME-focused warehousing facilities into the Kingdom of Saudi Arabia. We are in advance planning on this effort and we hope to be making major announcements about a partnership to facilitate this expansion soon,” he added.
“As we move ahead confidently, yet prudently in the current challenging times, I extend my sincere thanks to the Board of Directors for their unwavering confidence in our efforts and their wise guidance in providing direction and accountability. Building on the success of Majaal’s proven business-model, First Bahrain will continue to invest in realistic, demand-driven projects in Bahrain and the region, which contribute to the Kingdom of Bahrain’s Economic Vision 2030 and promote real sustainability,” said Amin Al Arrayed, General Manager of First Bahrain and Managing Director of Majaal.
“First Bahrain’s integrated offerings will continue to add value to Bahrain’s economy by attracting foreign direct investment while providing a platform to stimulate the growth and diversification of the economy,” he added.