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Strategic Development Strategic Development Annual Report 2019 His Highness His Highness His Highness His Majesty His Royal Highness His Royal Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah Sheikh Sabah Al-Khalid Al-Hamad Al-Sabah King Hamad bin Isa Al Khalifa Prince Salman bin Hamad Al Khalifa Prince Khalifa bin Salman Al Khalifa Amir of the State of Kuwait Crown Prince of the State of Kuwait Prime Minister of the State of Kuwait King of the Kingdom of Bahrain The Crown Prince and Deputy Supreme The Prime Minister of the Kingdom of Bahrain Commander and First Deputy Prime Minister of the Kingdom of Bahrain Kuwait Office City Tower, 2nd Floor,Khaled Ibn Al Waleed St., Sharq. PO Box 64679, Shuwaikh (B) 70457, State of Kuwait T (+965) 22414902 F (+965) 22414903 E [email protected] www.firstbahrain.com www.majaal.com www.elmercadojanabiya.com www.elbalconmall.com FirstBahrain MajaalWarehouseCo www.elmercadovillage.com Bahrain Office Almoayyed Tower, Suite 501, Seef District, PO Box 75622, Manama, Kingdom of Bahrain ElBalconMall ElMercadoJ T (+973) 17567555 F (+973) 17567556 E [email protected] First-Bahrain-Real-Estate-Development-Co. MajaalWarehouse ElBalconMall Majaal-Warehouse-Co. ElMercadoJ ElBalconMall ElMercadoJ Contents 6 Company Profile 8 Vision and Mission 10 Report of the Board of Directors 12 Diversified and Growing Portfolio 18 Board of Directors 20 Executive Management 22 Corporate Governance 27 Report of the Sharia Advisory Board 30 Report of the Independent Auditors 32 Consolidated Financial Statements 4 | Strategic Development Annual Report 2019 | 5 Company Profile First Bahrain Real Estate Development Co. K.S.C. (First Bahrain) is an innovative real estate investment company, dedicated to achieving sustainable returns through collaborative relationships. First Bahrain creates enduring value for all stakeholders with a demand-driven investment approach. Operating out of offices in Kuwait and Bahrain, the Company is strategically positioned to execute projects across the GCC. Established in October 2004 in Kuwait City, near to both the new Khalifa bin the strongest home-grown brands from as Baraq Al Khaleej Holding Company, Salman Port and the Bahrain International Saudi Arabia, to build their first store in with a paid-up capital of KD 1 million, Airport. Comprised of seven buildings Bahrain on the adjacent plot. Designs the corporate name was later changed developed between 2009 and 2014, and planning permissions were secured to First Bahrain Real Estate Development the complex is now operating at full during the year and the construction Company, and the paid-up capital was occupancy, functioning as home to over commenced in early 2020. increased. In 2007, First Bahrain opened 30 businesses representing a range of an office in the Kingdom of Bahrain. activities from FMCG distributors to small With the addition of these commercial Since inception, the Company has been manufacturers. and residential developments to its guided by the principles of Islamic Sharia portfolio of industrial properties, the in all its daily operations and business The Company initiated a mixed-use Company has diversified its revenue interests. development in Janabiya in 2015, streams. Even as it now faces the completing the commercial phase in uncertain shocks of the COVID-19, health The principal shareholders of First early 2016. El Mercado Janabiya, a crisis and lower oil prices, the Company Bahrain are leading regional institutions neighbourhood market with an upscale is in a strong cash position which will and high-profile real estate investors, outdoor experience, has identified a enable it to weather the storms ahead. including KAMCO, Action Group niche market within its catchment area, Holdings Co., Wafra International providing food and beverage, services Marked by entrepreneurial leadership, Investments Co., and Esterad Investment and a high-end grocer as the anchor. The commitment and integrity, First Bahrain Co. first of the 42 stand-alone and semi- is actively putting its potential to work to detached homes were delivered to the benefit all its stakeholders. First Bahrain owns or holds rights to over off-plan buyers in 2018. El Mercado 1,000,000 square feet of strategically Village is now a thriving community with located lands in the Kingdom of Bahrain. two thirds of the units either occupied or transferred to homeowners by year-end. The Company’s first project, Majaal, is a flexible-use industrial facility El Balcón Mall, the Company’s latest designed to support Small-to-Medium- development in Seef was under sized Enterprises (SMEs). The facility construction and nearing completion at is located at the Bahrain Investment year-end. During the year, First Bahrain Wharf (BIW), within Salman Industrial also signed with Jarir Bookstore, one of 6 | Strategic Development Annual Report 2019 | 7 Our Vision Our Values Our vision is to realise value Our values drive our behaviour. First Bahrain’s four core values potential. flow from who we are as people and shape who we are as a Company, enabling us to achieve our vision and mission. These values are also in rank order. If there is any conflict between two values, we choose conduct in line with the higher value. Our Mission Integrity Partnership With entrepreneurial We are passionate and We continue to build an vision and innovation, First committed to our principles. international network of Bahrain exists to initiate Driven by Islamic values, we strategic alliances. These and orchestrate real estate stand by our corporate social alliances share our vision developments which responsibilities. Our expertise of maximizing Return on bring enduring value and and dedication enables us to Investment in accordance with sustainable prosperity to transcend traditional ideas, the principles of Sharia. In both our communities and and offer clients inspired and working together with select to our shareholders, through meaningful solutions. partners, we develop a strong partnerships and investments and secure support-structure made in accordance with the and move forward with principles of Sharia. confidence and strength. Innovation Prosperity We embrace creativity Our understanding and in a constantly changing insight into the real estate environment and provide market is the driving force intelligent solutions to that enables us to ensure capitalise upon these continued prosperity for all developments. Through our shareholders. We have dynamic planning, we established an energetic enhance stakeholder value, culture that both demands and increase investor opportunity, rewards excellence throughout and spearhead regional real every business venture. estate growth to higher levels. 8 | Strategic Development Annual Report 2019 | 9 Report of the Board of Directors On behalf of the Board of Directors, we hereby deliver to you this Annual Report along with the enclosed Consolidated Financial Statements for the year ended 31 December 2019. I am pleased to report a return to for a future beyond the current difficulties. by 10.8%, while total liabilities decreased The Company will continue exploring Looking to our national leadership, I faithful and professional service, profitability in a year marked by Reviewing our financial performance for by 5.9% The combination resulted means to realize cash exits from existing extend my best wishes to H.H. Sheikh extending your loyalty to your new CEO activation of our signature asset in Seef 2019, the Company’s net profit was in a very healthy current ratio of 5.4 income generating properties to create Sabah Al-Ahmad Al-Jaber Al-Sabah, and demonstrating renewed diligence with the signing of a long-term lease and KD 414,511, supported by stable net (2018: 3.0), which is probably the most liquidity for further expansion and the Amir of the State of Kuwait, to H.H. to achieving your targets. Your ongoing build-to-suit contract with Jarir Bookstore, rental income of KD 1,276,953 in important metric to consider as we face dividends. Wherever the Company Sheikh Nawaf Al-Ahmad Al-Jaber faithfulness and shared commitment one of the strongest and enduring home- the midst of a market with downward these unexpected and ongoing economic invests, it will make sure we are adding Al-Sabah, the Crown Prince of the State will be required to overcome the unique grown brands from the Kingdom of Saudi pressures on rental rates due to increased shocks. value and contributing to the local of Kuwait, and to H.H. Sheikh Sabah challenges before us as the new year Arabia, and the construction of the supply. The sale of seven homes in community in keeping with its values. Al-Khalid Al-Hamad Al-Sabah, Prime unfolds and we collectively confront the El Balcón Mall on the adjacent plot, inventory provided gross revenue of Overall debt decreased by 5% to a total Minister of the State of Kuwait, for COVID-19 global health crisis. Together, which is due for opening during KD 973,491 generating KD 102,710 value of KD 6,587,116 even as the Transitions and Acknowledgments their wise guidance and dedication to we will steward the resources of the Q3 2020. These achievements come in net profit from sales, but more Company began to utilize the new This past year we successfully managed advancing the growth and development Company, weather the storm, and come alongside significant success in sales and importantly, but more importantly, cash KD 2.4 million facility to construct its a major transition as we welcomed our of the State of Kuwait. out stronger than ever. collections with the cumulative transfer collected amounted to KD 1,320829, two projects in Seef. At 31.6%, our debt new Chief Executive Officer, Omar Faisal of title deeds for 22 of the 42 homes at reducing related net receivables by to equity ratio is at a very healthy level Al Temiemy, a former board member, In like manner, I am grateful for the May Almighty Allah grant us all health, El Mercado Village.
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