MD speaks at local Cityscape event  

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Manama, 27th September 2010: Amin Al Arrayed, General Manager of First Bahrain, and Managing Director of Majaal spoke at the Cityscape Connect Bahrain Business Breakfast held at the Capital Club, Bahrain this morning, where knowledge was shared between real estate industry professionals on their joint role in lifting the market out of its current recession.

 

Amin Al Arrayed and other leading industry professionals placed more emphasis on transparency, in order to assess the real situation after the financial crisis, which will allow for quicker development of the real estate industry as a whole. Addressing the session, Mr. Al Arrayed said: “Though the real estate industry was amongst the hardest hit segments of the local and regional economy, newer demand-driven business models will be what set apart serious players in this climate. We always take lessons from the Government’s focus for investment, which is why we chose to invest in the industrial and logistics sector through our project Majaal, which is based on proven and sustainable local demand.”

 
Explaining the business model of First Bahrain’s flagship development Majaal, he further added; “Projects should be developed in phases where liquidity is conserved; and where developers don’t rely on sales to finance the construction of the remainder of the project. We are now in an end user based economy, and the whole industry has moved away from the speculative nature of investments we used to see a few years back.”
 
Organised by Cityscape, the session was moderated by Martin Cooper, Director and Head of Consulting, DTZ Middle East. Other expert speakers in the session included Fadi Jamali, Chief Development officer, Eskan Properties Company, R Lakshmanan, CEO, Sakana Holistic Housing Solutions and Abdul- Haq Mohammed, Partner and Head of Real Estate, Trowers & Hamlin.
 
Majaal’s concept of a one-stop-shop location for businesses already operational in the country, as well as for regional or international organizations in the emerging small and medium enterprise (SME) industry looking to set up operations, has led to significant success for First Bahrain’s flagship project.
 
Based on its demand-driven approach, First Bahrain is committed towards developing value-added projects to serve the local community where the company invests. Stemming from this unique approach to investment, First Bahrain is currently designing and finalizing details of its mixed-used development in Janabiya that will serve the mid-income families when it is completed.  
 
Cityscape Connect Bahrain Business Breakfast session brought together industry leaders from investment, development, advisory, legal and finance backgrounds to share their experiences in an intimate networking environment. The initiative from Cityscape aims to give back to the industry with a series of functions designed to stimulate networking and discussion of the key issues affecting the real estate industry.