First Real Estate was established and restructured to achieve sustainable growth strategies and build a prominent reputation in the local real estate market. We aim to provide rewarding opportunities for our investors, management, and staff.
Our professional and experienced management team has diligently expanded our investment portfolio beyond the residential market to include commercial properties. This strategic approach ensures a broader field of investments and greater stability.
First Real Estate remains committed to enhancing asset value and meeting shareholder expectations. We do this through the execution of planned growth and qualitative diversification initiatives at both local and regional levels.
In 2002, First Real Estate was established as a Bahraini Limited Liability Company with an initial paid-up capital of BD 500,000, founded by two prominent real estate developers. The company quickly gained traction in the market, leading to significant structural changes. By 2005, First Real Estate transformed into a Bahraini Joint Stock Closed Company, with its paid-up capital rising to BD 30 million, reflecting its expanding influence and success. The momentum continued, and in March 2007, the paid-up capital further increased to BD 31,800,000, marking another milestone in the company’s rapid growth trajectory.
In November 2007, the shareholders made a pivotal decision to transition First Real Estate into a Public Holding Company. This strategic move was designed to enhance the company’s resources, enabling it to become a well-capitalized entity poised for further development. This transition marked a new chapter, allowing the company to implement its ambitious plans for growth, both locally and regionally. With an increased focus on expanding operations and leveraging new opportunities, First Real Estate committed to building a robust framework that supports sustainable growth and international reach.
The year began positively following Bahrain’s Covid-19 restrictions lift, bolstering financial and real estate sectors. However, global inflation led to central bank interventions, impacting economic momentum into 2024.
In 2023, we focused on enhancing efficiencies. Despite challenges, we achieved an occupancy-driven revenue increase to BD 5.2 million, up 16%. Our assets stood at BD 80 million, with equity at BD 55 million. Revenue declined to BD 4.8 million, while expenses rose by 12%, impacting profits to BD 1.8 million.
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