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Global Launches First Bahrain Real Estate Development Company

Global has announced the private placement of 190 million shares for First Bahrain Real Estate Development Company KSCC, raising its capital to KD 20 million and the company will be Shari’a compliant



The introduction of First Bahrain Real Estate Development Company comes at a time when the real estate sector in the Kingdom of Bahrain, which has been lucrative for many years, faces a new boom. Global aims to seize this fine investment opportunity and to capitalize on this valuable market.



Global has already purchased a 33.911 square meter plot at the luxurious Al-Seef area which will be transferred to the company, with plans to build two high-rise residential towers. The towers will include 380 apartments, multi-story parking lots with a capacity to hold 268 cars, a health club in each tower, children’s playground, water fountains, and gardens.



The towers, the first project for the company will cost KD 23 million and construction slated to conclude within 27 months. The expected IRR for investors is 17%.
 

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Nice, we need more of this, and as moody said, if it's next the to city center, then the location is good. I read that that stretch from the existing seef area (near citibank, ahli united bank, etc.) to the flyover which is already reclaimed will be designed for buildings and towers (not huge unless somethin new comes out).

Well again it's another twin towers, so maybe in the future they need to change "Bahrain, Island of Smiles" into "Bahrain, Island of the Twin Towers".
 

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Hope this one will do,,

Global Launches First Bahrain Real Estate Development Company
Posted: Monday, March 21, 2005

Global has successfully closed the private placement of 290 million shares for First Bahrain Real Estate Development Company KSCC, raising its capital to KD 30 million. The company will be Shari’a compliant.



The introduction of First Bahrain Real Estate Development Company comes at a time when the real estate sector in the Kingdom of Bahrain, which has been lucrative for many years, faces a new boom. Global aims to seize this fine investment opportunity and to capitalize on this valuable market.



Global has already purchased a 33.911 square meter plot at the luxurious Al-Seef area which will be transferred to the company, with plans to build two high-rise residential towers. The towers will include 380 apartments, multi-story parking lots with a capacity to hold 268 cars, a health club in each tower, children’s playground, water fountains, and gardens.



The towers, the first project for the company will cost KD 23 million and construction slated to conclude within 27 months. The expected IRR for investors is 17%.
 

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Well lookin at the difference in the first paragraph of what you originally posted and what you posted now is that since the private placement has been closed, floating a tender should be next if am not wrong, so hopefully durin summer, this should go u/c if all goes fine.
 

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Al-Nouri: Global records an EPS of 44 fils, an increase of 159% over the same period of 2004
Global Investment House 'Global' announced a net profit of KD 9.8 million (USD 33.7 million) for the 1st Quarter of 2005, which translates into an EPS of 44 fils compared to 17 fils recorded in the 1st Quarter 2004.





Total revenues for the period stood at KD 12.5 million with an increase of 142% compared to the same period of last year.

Mr. Anwar Abdulla Al-Nouri, Chairman of the Board said, 'The first quarter has been enriched with prominent achievements, as the assets under management reached KD 1.16 billion (USD 4 billion), derived from new investments in addition to the superb performance of our investment funds and clients' portfolios.'

He explained that Global had launched two new companies during the period, raising a total of KD 60 million (USD 205 million) in capital. The first was Al-Soor Financing & Leasing Company KSCC, with a capital of KD 30 million, launched as a conventional consumer finance company to capitalize on the opportunities presented in the Kuwaiti market. The second company was First Bahrain Real Estate Development Company, with KD 30 million in paid-up capital, which Global expects to be successful, especially with the boom in the real estate sector in Bahrain.

The first project of First Bahrain Real Estate Company is to build high-rise residential towers with a cost of KD 23 million on a 33.911 square meter plot at the luxurious Al-Seef area. The towers will include 380 apartments, multi-story parking lots with a capacity to hold 268 cars, a health club in each tower, a children's playground, water fountains, and gardens.

Mr. Al-Nouri said that the company introduced two new indices during the first quarter, the Global GCC Large Cap. 30 Index and the Global GCC Investable 100 Index, adding that they will be a part of the company's series of indices, leveraging the success of Global's indices which cover the Kuwait Stock Exchange (KSE). Furthermore, the indices will contribute deeply to the development of the region's stock exchanges, by generating interest from investors in the largest regional companies, making the index an effective portfolio.

Regarding Global's expansion strategy adopted early last year, Mr. Al-Nouri added that Global has acquired 13.33% stake in Al-Israa Private University , one of the first private universities in Jordan in addition to 11.7% in Oman Investment & Finance Company, a Omani based financing and debt collection company.

Global was also successful in acquiring a 25% stake in Emaar Financial Services Company, established in the UAE by an alliance between Amlak Financing Co. and Emaar Real Estate Co. The new company will provide a wide range of financial services including brokerage, financial analysis, and feasibility studies for individuals and businesses. During the initial phase, the company will provide its services to investors in the Dubai and Abu Dhabi Stock Exchanges.

The Chairman pointed out that Global's extraordinary financial perfomance has lured many investors to buy into the company, the latest being an acquisition by The Investment Office (Dubai Holding Co.) of over 5% in Global. 'We at Global are very pleased with this move, one that reaffirms our company's position as a pioneering investment institution in the Gulf and Middle East; as it reflects the unique relationship between Global and The Investment Office (Dubai Holding Co.),' Mr. Al-Nouri commented.

During the first quarter, Global was given the distinction of receiving the high profile Gulf Excellence Award during a ceremony held at the Ritz-Carlton Hotel in Bahrain in February. The event had taken place under the patronage of H.H. Sheikh Khalifa Bin Salman Al Khalifa, Bahrain's Prime Minister, and attended by a number of Gulf Cooperation Council's (GCC) business elite. Mrs. Maha K. Al-Ghunaim, Global's Vice Chairman and Managing Director, received the award on behalf of Global, stating that the award 'assures Global's presence as a pioneering company in all respects.'
 

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Ok heard some news, Global are waiting for DTZ to replace their staff who drowned in the Dana tragedy. Also they need to know what City Center plans for their towers are for sure, so that they don't build similar competing projects.
 
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