First Real Estate acquired equity shares in Marsa Al Seef Investment Company Limited, established in 2008 with a paid-up capital of US$ 531,000,000. Owned by Global Banking Corporation B.S.C., Bahrain, they completed the reclamation work of phase one of the project. As of the fourth quarter of 2021, they reached an agreement with Marsa Al Seef, resulting in the First Real Estate receiving plots within the project, replacing its equity in Marsa Al Seef Company. Marsa Al Seef Investment Company continues to explore suitable exit scenarios.