Established on October 5, 2004 in Kuwait as Baraq Al Khaleej Holding Company with a paid up capital of USD 3.5 million, the corporate name was changed to First Bahrain Real Estate Development Company in October 2004 with and an cash injection increased paid up share capital to USD 106 million (KD 30 million) in April 2005.
First Bahrain Real Estate Development Co. (First Bahrain) was originally established under the name of Baraq Al Khaleej Holding Company in 2004, with a paid up capital of KD1,000,000. Since its inception the organization has been guided by the principles of Islamic Sharia in all its daily operations and business interests.
In 2005, the capital was raised to KD30,000,000, and First Bahrain acquired a strategic plot of land in Bahrain’s Seef District , and this milestone was shortly followed by the conversion of the company from a holding to closed share holding structure.
This was the first step on the road to success for First Bahrain, when in April 2006 First Kuwait Al Seef Real Estate Development Company WLL was established with a paid up capital of BD100,000 specifically to manage the project in Bahrain’s Seef Area.
2007 was a year of intense growth for First Bahrain, with the appointment of its Management team, lead from the Bahrain office by Amin Al Arrayed as General Manager. First and foremost, Amin set out to build a professional team around him. New offices were acquired and fitted-out in both Kuwait and Bahrain as well. Additionally, land was acquired for a proposed warehousing development at the Bahrain Investment Wharf.
At the beginning of 2008, the Company made a strategic land acquisition in Janabiya, Bahrain, bringing the total land area owned or controlled by the company to over 1 million square feet. By the end of 2008, however, the world was reeling from the Global Financial Crisis and First Bahrain prudently and proactively decided to cancel its multi-tower development in Seef, preserving the Company’s capital in the face of uncertain times.
