At the second Annual General Meeting of Naseej, held on Tuesday 31 May 2011, the shareholders endorsed the Company’s strategic priority to address the affordable housing needs of the Kingdom of Bahrain.
Reporting to the shareholders on behalf of the Board of Directors, the Chairman of Naseej, Mr Khalid Abdulla-Janahi, said: “As a Bahrain-based company, we are committed to contributing to the social well-being and economic prosperity of the Kingdom. One of the key founding objectives of Naseej is to act as a pioneering catalyst for addressing the affordable housing needs of Bahrain – arguably the most pressing socio-economic issue on the national, as well as the regional, agenda.
“I am therefore delighted to report that during 2010, Naseej was selected as the preferred bidder for the Government of Bahrain’s first ground breaking public-private-partnership (PPP) social and affordable housing project, which is also thea first for the country andin the GCC region. We are honoured to have been recognised by the Government as a trusted partner in leading the way by executing the social agenda of Bahrain’s Economic Vision 2030 and second National Economic Strategy. I would like to thank the Company’s management team and our consortium of professional advisors for their endeavours in allowing us to achieve this important milestone,” he added.
Mr Abdulla-Janahi also highlighted a number of other notable achievements during the Company’s first full year of operations. These include the appointment of a chief executive officer; the formation of an experienced, high-calibre management and support team; putting in place corporate governance and risk management ideologies that are underpinned by comprehensive deal-making policies, processes and procedures, backed by proactive internal controls; and the development of a corporate strategy, supported by an appropriate business plan and investment methodology, which reinforces the Company’s demand-led and value-generation approach to all business dealings and transactions.
“Primarily, this strategy seeks to establish a balanced property portfolio comprising both development and investment properties, with Bahrain as its central focus, allied to complementary activities in MENA and Europe. At the heart of this corporate strategy is a well-defined commitment to social responsibility that will support the future development and prosperity of those communities we seek to serve in Bahrain and elsewhere,” explained Mr Abdulla-Janahi.
Following approval of the Board of Directors’ Report, the shareholders approved the Company’s audited financial statements for the year ended 31 December 2010. Naseej recorded a total income of BD 3.5 million, which was attributable to placements with banks. After total expenses of BD 1.1 million, the Company reported a net profit of BD 2.4 million. At the end of 2010, total assets stood at BD 111.1 million, while total equity was BD 110.8 million. “This is a commendable achievement for a company in start-up mode,” the Chairman commented.
Mr Abdulla-Janahi formally welcomed Mr Christopher Sims, who was appointed Chief Executive Officer in April 2010. “Mr Sims brings with him a successful track record of over 25 years in international and regional property development and investment. In a very short space of time, he has already begun to translate our Company’s vision into a tangible reality,” he noted.
On behalf of the Board, the Chairman also thanked Mr Mohammed Hussain for his invaluable contribution as an early Director of Naseej. “Following his resignation from the Board of Ithmaar Bank and his subsequent resignation from the Board of Naseej, he has been replaced by Mr Mohammed Bucheerei, who is the Chief Executive Officer of Ithmaar Bank. Mr Bucheerei has over 41 years’ diverse international experience in commercial and offshore banking, and accounting. The Board looks forward to benefiting from his international and regional background, and vast experience,” he said.
The Chairman then conveyed the Board of Directors’ sincere appreciation and gratitude to the shareholders of Naseej for their continued trust and confidence; and paid tribute to the dynamic performance of the Company’s management and staff, and their commitment and professionalism during the first year of operations of Naseej.
“To summarise,” said Mr Abdulla-Janahi, “2010 has been a most productive year, during which we have made excellent progress in establishing the Company’s institutional capability. We are well on the road to becoming recognised as an integrated property organisation within Bahrain and the region. This bodes well for our stated objectives of a public listing and possible IPO on the Bahrain Bourse during 2012. Strongly capitalised, highly liquid and unleveraged, and with a highly experienced and qualified team in place, Naseej is now ready to embark upon its next exciting phase of business development. This will see the Company setting a new industry benchmark for addressing the housing needs of the Kingdom of Bahrain and elsewhere in the region.
“Differentiated by our pragmatic, innovative and ethical approach, we aspire to deliver to value-driven solutions that will provide prosperity for those communities in which we operate. With the accumulation of our successful start-up operations continuing to gather momentum, we are now poised to spring forward into a bright and profitable future,” he concluded.