Developer, which owns or holds rights to over 1,000,000 square feet of land in Bahrain, picks chairman as acting CEO
First Bahrain, the developer which owns or holds rights to over 1,000,000 square feet of land in the Gulf kingdom, has announced the appointment of a new acting CEO.
The company has appointed its current chairman Waleed Ahmed Alkhaja who will succeed Amin Al Arrayed who recently was appointed to serve as the CEO for Edamah, the real estate arm of Mumtalakat Holding Company, the sovereign wealth fund.
With the selection of Alkhaja as the interim CEO, the board desired to send a message of stability and confidence to the market, a statement said.
Alkhaja has served as chairman of First Bahrain since May 2014 during which time the company has doubled the value of its income generating assets and quadrupled its net rental income, as it developed a series of new projects in Janabiya and Seef.
The company said it has clear plans for expansion as it begins work on the first phase of a retail project in Seef and looks closely at opportunistic acquisitions.
The announcement was made on the sidelines of an event to celebrate the completion of the second and final phase of its mixed-use development in Janabiya.
Alkhaja served for 19 years in the Investment Directorate of the Bahrain's Ministry of Finance, before joining the Pension Fund Commission of Bahrain as director of investment and executive director of the SIO Asset Management Company. He has also served two terms on the board of directors of Seef Properties and Batelco Group.
First Bahrain Real Estate Development Company's signature project is the El Mercado Janabiya neighbourhood market, offering over 50,000 square feet of leasable retail space, hosting restaurants, cafes and the largest Alosra Supermarket in the country.
First Bahrain is also the parent company of the Majaal Warehouse Co, the leading developer and operator of industrial facilities for SMEs.