The Wharf awards contracts to establish substations with a power of 66 Kilo Volts
The Bahrain Investment Wharf recently signed a contract with Sumitomo Company from Japan to provide the second substation with a power of 66 kilo volts. This signing came after the company assigned Sumitomo to build the first substation in February last year.

Moreover the company also signed with Chapo Bahrain the constructive works for the first substation, provided that assigning another contractor for the second substation at a later time. These contracts come within the infrastructure works for the Bahrain Investment Wharf after it was finished with reclamation November last year.

On this occasion Mr. Laith Al Memar Vice Chairman of the Board commented,” The Bahrain Investment Wharf reached to a very important and vibrant stage of execution, whereas it’s submitting the infrastructure contracts after finishing from reclamation. These works come according to a specific timeline to carry out the other projects.”

Mr. Al Memar pointed out that the cost of the two substations will cost more than 30 million US dollars, including buildings and equipment. Moreover the company have assigned the best providers and contractors to execute these projects and its committed in providing quality work for the Wharf.

Furthermore the Bahrain Investment Wharf that is executed by Al Khaleej Development Company lies in Al Hidd Industrial Area next to Khalifa Harbor with an area of 170 hectares and with a cost of 1.6 billion US dollars.

Tameer announces its financial results for 2007
Al Khaleej Development Company (Tameer) announced its financial results for 2007 after its board meeting, where it achieved a net profit of 45.2 million US dollars with an increase of %39 from 2006 which was 32.6 million US dollars. Moreover the return on the cent is 23.46 US cents with an increase of %22 from 2006 which was 19.21 US cent. The owner’s equity reached 184.6 million US dollars with an increase of %70 from 2006 which was 108.2 million US dollars. Furthermore the company recently increased its capital from 55 million US dollars to 91 million US dollars at the end of June 2007.

 In addition the board members have agreed to distribute %32 profits from the paid-up capital divided in %25 cash and %7 in shares, where it will be discussed in the next assembly general meeting.

On this occasion Mr. Samir Yaqoob Al-Nafisi chairman of board of directors of Tameer commented,” We are pleased with these results the company achieved that came after a year, witnessing high activities in the real estate market in the Kingdom and an anticipated growth due to the open policy that the Kingdom practices in the fields of investment and attracting high capitals especially in the real estate market.”

Moreover Mr. Al Nafisi pointed out that the growth of the company since its inception until now proves the strength of the company and the quality of its projects through its skilled workforce and the diversity of its investments that the company executes, supported by the trust of its investors and its strategic alliances.

On the other hand Mr. Ahmed Al Qattan vice chairman and managing director commented,” 2007 was a year filled with activities and the most important of them all was the increase of its capital. The year also witnessed many developments which include the finalization of the master plan for Marina Durrat Al Bahrain and the beginning of the reclamation for the project. In addition the end of reclamation works for the Bahrain Investment Wharf and marketing a large portion of the project. Moreover delivering the residential units of Tala Island and exiting the investors from Al Wahat investment.

Mr. Al Qattan also praised the Kingdom’s policy in encouraging the attraction of capitals from the outside, showing gratitude to the government in supporting projects and the private sector in playing a bigger role in the Kingdom’s economy.

Tameer successfully exits its investors from Al Wahat
After a successful investment and achieving unexpected returns, Tameer have exited its investors from Al Wahat Real Estate Company with a return on investment that reached %35 and an internal average return that reached %23.8.

Tameer have achieved this return by investing in a cluster of lands in different areas of the Kingdom of Bahrain through the past sixteen months, where it had sold these lands after the prices increased. Through its general meeting on the 10th of December 2007, Al Wahat Real Estate board of directors has requested that Tameer exits its investors. The meeting was attended by a representative from the Ministry of Industry and Commerce, BDO Jawad Habib Auditors and shareholders. Moreover they agreed on closing the company.

On this occasion Mr. Ahmed Al-Qattan Vice Chairman and Managing Director and the chairman of Al Wahat Real Estate Company commented, “We are proud at Tameer to achieve these impressive results for Al Wahat investors which increases their trust in the company’s performance and the team’s experience in managing real estate investments, and this successful exit is only a part of Tameer’s strength.”

Moreover Mr. Al Qattan thanked the investors in Al Wahat Real Estate Company for their trust in Tameer’s management and congratulated them on the good results that the investment have accomplished, and promised them to continue the excellent performance focusing on the experience of Tameer’s team and the outstanding reputation that the company have achieved through its unique projects.

Costs 22 million dollars “First Bahrain ” builds a logistics service projects at the “Wharf”

First Bahrain Real Estate Development Company (First Bahrain ) recently announced its plans to build a logistics service and warehouses project at the Bahrain Investment Wharf which costs 22 million US dollars.

The agreement to lease the land has been signed to construct the project at the Bahrain Investment Wharf between the general manager of “First Bahrain ” Mr. Amin Al- Arayyed and the Chairman of the Bahrain Investment Wharf (BIW) Mr. Ahmed Al Qattan.

The ceremony was attended by the managing director of the Wharf Mr. Muhannad Al Durrah and the head of investments of First Bahrain Mr. Munther Al Sabbagh. Due to the high demand the project aims at supplying small and medium companies with logistic and warehousing facilities to operate and develop its businesses.

On this occasion Mr, Al Sabbagh commented, “Fist Bahrain  provides services that cater to the needs of the high demand of small and medium companies, and at the same time it encourages development in these sectors. The direction of First Bahrain  facility in the Bahrain Investment Wharf is towards the private sector which is witnessing an unprecedented prosperity due to the growth of the economy in the kingdom. The project will provide flexible unit plans in a safe environment. And its expected from First Bahrain facility is to cutback the cost of small and medium companies that work in the fields of imports and exports due to the proximity of the airport, port, and the roads to the Kingdom of Saudi Arabia.”

Mr. Al Durrah added, “Our alliance and cooperation with leading companies likeFirst Bahrain , will contribute in establishing the importance of the Bahrain Investment Wharf in the Kingdom of Bahrain, moreover it will also continue in getting regional and international companies to the wharf.” The project is now in the process of design by Tebodin Consultants and Engineers and it’s expected that the first phase to be done in the autumn of 2008.

The project which will be built in two phases will accommodate an area of 43 thousand meter squared and will offer 150 units for rent. The areas start from 80 meters squared. The design of the facility will use the latest technology in the area of security surveillance, controlling the entrances and safety and fire alarms systems.

With an increase of %86 in net profits Tameer announces its third quarter of 2007

 Al Khaleej Development Company announced its financial results for the third quarter of 2007, it achieved a net profit of 37.9 million US dollars at the end of quarter three of this year, which represents an increase of %86 of the same term of 2006. It also achieved an increase of %72 on the share where the return has increased from 11.98 American cents to 20.6 cents.

Tameer enjoys a solid financial ground and its on the leap of diversification due to its services and investments that it will offer through its main field of work that its subsidiaries provide, commented Mr. Samir Al-Nafisi the chairman of board of directors.

Mr. Al Nafisi also added that the studied expansions of Tameer’s activities through its subsidiaries will have a huge effect on drawing the strategies of Tameer’s future through the company’s investments which will be announced in the final quarter of 2007 which will also contribute in increasing revenues for this year, moreover it will strengthen its presence in the markets that achieve the most stable returns in the GCC and Europe.

On this occasion Mr. Ahmed Al-Qattan Vice Chairman and Managing Director for Tameer commented, “Tameer owns profitable real estate through its European fund, it owns real estate in the Czech Republic and its searching for opportunities in Britain, Germany and France.” Mr. Al Qattan also sees that Tameer is capable of achieving profitability through diversifying its sources of income.

The financial reports showed a total increase of the company’s assets that reached 240 million US dollars compared to last year’s 130 million US dollars which is an increase of %85, knowingly that the size of the projects under Tameer’s management is over 3 billion US dollars.

Tameer participates in Cityscape Dubai

For the third consecutive year Al Khaleej Development Company participated in the Cityscape exhibition at Dubai from the 16-18 of October 2007, which is considered one of the largest real estate exhibitions in the world.

On this occasion Mr. Ahmed Al-Qattan Vice Chairman and Managing Director for Tameer commented, “We are well aware that it is important to participate at these exhibitions where investors around the world meet, and Cityscape is considered one of the important stations in the Middle East due to the fact that many large real estate companies are based here.”

He also added that Tameer will announce its policy at work and what it achieved from successes, achievements and lucrative returns from our projects, where we work on expanding our investments which include some of the European markets that have exceptional potential, moreover with this participation it will be a step towards the strategies that we have put to accomplish our goals in expanding and diversifying.

From his side Mr. Mohammed Abdul Khaliq Executive Director, Business Development & Administration Affairs at Tameer commented, Tameer will present its largest projects at the exhibition to the investors and visitors which are the Bahrain Investment Wharf and Marina Durrat Al Bahrain, where we hope to attract many investors to these projects. He also added that the Bahrain Investment Wharf have reached many potential investors from place like Europe and China due to these exhibitions and that’s what are we trying to do with Marina Durrat Al Bahrain.

Tameer profits up by 25.3% for 2006
Al-Khaleej Development Company (Tameer) has recently announced its yearly financial results for the year ended 31 December 2006 in its Annual General Meeting. The results were outstanding and net profit rose to $32.6 million compared to $26 million in 2005, an increase of 25.3%. In addition, the earnings per share were 24.7 cents in 2006, compared with 19.83 cents in 2005. Consequently, total owners equity rose by 26% from $85.9 million to $108.2 million in 2005. The shareholders of the company have approved distribution of 40% of profits as dividend, consisting of 20% cash and 20% bonus shares. As part of the company’s future plans, the Board of Directors has recommended to raise the paid-up capital by 45%. The increase will be through issuing shares to the company’s shareholders as of the AGM meeting date. A share premium of 30 cents per share has also been agreed. The company is also planning to boost its projects size and expand its operation by entering into new markets, like Europe.

Tameer and ProCapital launch Madaen Al Luzi
Al Khaleej Development Company- Tameer and ProCapital announced the launch of Madean Al Luzi near Hamad Town, a new housing community aimed at offering affordable housing to mid-income Bahraini families.With a total project value of US$ 75 million, and covering an area of 700,000 square feet, Madaen Al Luzi will provide 813 household units, comprising 105 villas and 708 apartments, designed and constructed to high quality specifications. This new community is part of a larger residential/mixed-use development – covering 3 million square feet – in the Al Luzi district. It is located close to Hamad Town, one of the Kingdom’s main residential areas, which covers an area of 13 square kilometres and houses 8 per cent of the population of the Kingdom of Bahrain.

Tameer and Durrat Al Bahrain launch the Marina project
Al Khaleej Development Company – Tameer and Durrat Al Bahrain signed a memorandum of understanding to develop the Marina Resort  at Durrat Al Bahrain, the exclusive US$3.5bn development project. The US$1.2bn Marina is destined to become the first commercial marina development of its kind in the Middle East, covering an area of 600,000 sqm. The Marina has been specifically designed to become a waterfront resort that will set to feature a large marina to accommodate approximately 400 boats and yachts, luxurious villas, town houses and apartments, commercial space, recreational facilities, restaurants and cafes. 

Bahrain Investment Wharf realizes huge interest in sale of lands
Al Khaleej Development Company announced considerable buying interest towards the sale of lands at the Bahrain Investment Wharf, as it maintained that close to 80% of the Wharf’s phase-one lands had been sold to a number of local and regional investors. The sale of such lands accounts for an area of approximately 691,000sqm from the project’s total area of 1.7m sqm and 53% of the phase one land area. The news came as Mr. Laith Al Memar, Tameer’s Executive Director of Property Development & Services and Vice Chairman of the Bahrain Investment Wharf stated, “As part of Tameer’s strategic plans for the Wharf there is an immediate plan to develop a residence complex to cater for some 20,000 labour workers at the Wharf itself. Such facilities are expected to become the first of its kind project in the Kingdom of Bahrain where labour workers will be able to have residency at the Wharf under safe and suitable living facilities.