A report from the Gulf Daily News says that Abaad Real Estate Company had reported a total revenue of BD2.1 million ($5.5m) in the first year of its operation. The real estate subsidiary of Bahrain Islamic Bank earned a net income of BD 1.5m, representing a return on capital of 14.7 per cent.
According to Abaad chairman, Shaikh Hisham bin Abdul Rahman Al Khalifa:
“We have set up our business operation and installed key infrastructure systems in order to ensure effective, efficient and smooth operations. We have also executed several land acquisition deals in Bahrain and UAE. At Abaad, we believe that excellence in real estate investments is crucial and we expect this year to be an attractive year in light of the significant opportunities available to our company.”
Abaad chief executive officer Ahmed Yusuf said that they are pleased with the solid operating results achieved during last year and added that on a strategic level, Abaad has been successful in forging alliances with key institutions in the GCC and MENA countries. “Our objective is to continue to add quality investments to our portfolio,” Mr Yusuf said.