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Sunday, 9 September 2007

Bahrain Islamic Bank incorporates Abaad Real Estate Company

Bahrain Islamic Bank, one of the leading commercial banks in the Kingdom of Bahrain, announced today the incorporation of a BD 10 million real estate company in the Kingdom of Bahrain. The company - Abaad Real Estate - is a fully integrated real estate investment, development and management company operating in accordance with Islamic Sharia. Abaad Real Estate is focused on residential, commercial and industrial properties throughout the Gulf Cooperation Council (GCC) and Middle East and North African (MENA) region as well as other world countries in general. “In recent years, the real estate sector in the MENA region has shown accelerated growth that is likely to continue in the foreseeable future. We aim to capture the opportunities presented by the real estate sector and offer our clients superior investments,” said Shaikh Hisham bin Abdul Rahman Al Khalifa, Chairman of Abaad Real Estate Company. “Abaad will follow a stringent investment approach in which only real estate opportunities that meet specific investment criteria within well-defined industry parameters are evaluated and then considered for investing,” added Shaikh Hisham.Shaikh Hisham also announced that the Board of Directors has appointed Mr Ahmed Yusuf Abdullah as the Chief Executive Officer of Abaad Real Estate Company. He added that Mr Yusuf has a broad real estate
investment and project management experience which is considered to be valuable for the achievement of Abaad’s vision.Mr Ahmed Yusuf, Chief Executive Officer said that Abaad will offer its clients a wide range of real estate activities that will include property development, property advisory services, facility management and property investment. He added that Abaad will apply a disciplined investment strategy that aims at achieving high returns for investors. In his closing remarks, Mr Yusuf said that in the upcoming months, a press conference will be held in the Kingdom of Bahrain to officially announce the launch of Abaad Real Estate Company. - (MB, 9 Sep 07)
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