Global Investment House 'Global', a leading investment bank in the GCC region, announced it would offer shares for subscription in order to increase the capital of First Bahrain Company for Real Estate Development from KD1 million ($3.42 million) to KD20 million ($68.4 million) through the issuing of 190 million shares by a nominal value of 100 Fils per each share, reported the Kuwaiti newspaper, Al-Watan on Sunday. The new company will work in the real estate sector in Bahrain according to the Islamic law.
The vice president of Global, Maha al-Ghanim, said that Global purchased land plot in al-Saif region, with 33.9 square meters area, which can be used for housing projects. The ownership on this land will be transferred to First Bahrain Company as its first real estate project in Bahrain. Al-Saif region is considered among the relatively modern regions.
Large Bahraini families consider this region as a shopping and entertainment area, and many financial institutions, banks, commercial complexes, hotels and
restaurants are located there.
Some 8,000 square meters of the above mentioned purchased land, will be exploited for the construction of 380 apartments within two towers, each of them will be constructed on 4,000 square meters area. The two towers' costs will hit KD23 million $78.7 million, and the expected accomplishment period of the project is 27 months.
The Operational Company for Real Estate, whose central offices are in Kuwait, will manage the projects of First Bahrain Company for Real Estate through the first two years. During this period the company will train its own management team, which will replace the Kuwaiti team after these two years.
