First Bahrain Appoints New Chairman

May 18, 2014 - PRLog -- In a move affirming its strong commitment to the local market, Kuwaiti real estate developer First Bahrain Real Estate Development Company K.S.C. today announced the appointment of distinguished Bahraini businessman Mr. Waleed Ahmed Al Khaja as its new Chairman for a term of three years. The appointment demonstrates the shareholders focus on Bahrain and their clear optimism with regards to the local property market.

Mr. Waleed Al Khaja brings to First Bahrain a wealth of experience, knowledge and professionalism in the investment business sector. He joined the Pension Fund Commission as Director of Investment in 2005 after 19 years in the Investment Directorate at the Ministry of Finance. In 2008, he became Director of Investment in the Social Insurance Organization (Pension) and in 2010 he was appointed Executive Director in the SIO Asset Management Company. Since 2013, he is the Managing Director of his family-owned business, AMAK Property & Development. Mr. Al Khaja served for two terms on both the Board of Directors of Seef Properties and the Batelco Group. He currently serves on the Board of Directors of Bahrain Tourism Co BSC and Gulf Educational Projects (Applied Science University).

Expressing his pleasure at the appointment, and stressing on the importance of the role that he has been entrusted with, Mr. Al Khaja commented: “This appointment is a great honour, and I am highly appreciative of the trust placed in me by both the Board of Directors and the Shareholders. I am committed to building upon the Company's firm foundations which have helped it survive and grow through the tumultuous years since the global financial crisis."

In a vote of confidence for the existing management, Mr. Al Khaja added, " I look forward to working together with our General Manager, Amin Al Arrayed and his professional team to execute our plans, deliver on our promises and achieve sustainable returns for our shareholders while making a positive impact within the Bahrain community. The more I get to know our General Manager, it is clear that he has provided a steady hand, leading the Company through difficult times since its establishment in Bahrain in 2007."

In response to this affirmation, Mr. Al Arrayed commented, "I am sincerely grateful for the Board's affirmation and belief in me and my team and in our potential for future success. We are eager to continue to grow, Majaal, our industrial facilities development at the Bahrain Investment Wharf and the rest of our business, both through the activation of our additional properties in Bahrain and through regional expansion. Working under the Board's wise guidance, I have great hope and expectation that we will achieve results which will bring great credit to our team, our shareholders and to our nation."

First Bahrain Real Estate Development Company is an innovative regional real estate developer established in Kuwait in October 2004. Dedicated to achieving economically, socially and environmentally sustainable returns through collaborative relationships, First Bahrain creates enduring value for all stakeholders with a demand-driven investment approach. Operating out of Bahrain and Kuwait, First Bahrain is strategically positioned to execute projects across the GCC, in accordance with the principles of Sharia.