Amwaj Gateway Appoints A New Board Member & Project Manager

Manama: RealCAPITA, the Bahraini real estate investment firm, conducted yesterday its first Annual General Meeting held at the Ritz Carlton Bahrain. Heading the meeting was Mr. Mohammed Al-Tawash, Vice Chairman and President of RealCAPITA and the attendance was a mixture of Ministry of Commerce representatives, company auditors, shareholders and members of the press.

Mr. Al-Dhahery stated, on this occasion, "We are delighted to meet once again with our committed shareholders after less than a year from launching RealCAPITA as a fully operational firm. In this limited and brief time we were able to set records on different levels and launch many real estate projects and investment opportunities to our shareholders and investors and achieve tangible profits and solid financial results for all our shareholders and clients.

"Accumulated corporate gross income was announced at US$13.9 million by 31st December 2006, achieving a net profit of US$8.8 million which is equivalent to annualized return on capital of 21.8% and an earning per share of 16.4 cents. Company assets grew by 94% to reach US$105 and the board of directors recommended to distribute the profits to the shareholders at 8% from the company´s paid up capital (4% cash dividends and 4% bonus shares)".

RealCAPITA also declared yesterday that these distinguished results reflect the successful strategy adapted and strong achievements since its inauguration in April 2006.

Mohammed Al-Tawash, Vice Chairman and President of RealCAPITA, spoke on this event saying: "It was our belief from the very beginning that setting a strong solid base to our operations and investments is the right way to guarantee this success. And from that perspective we worked on applying Corporate Governance through assembling a highly qualified work force headed by a profound management team. And we were able to offer eight different investment opportunities which vary in nature and geographical spread".

"We have optimistic plans to expand during 2007 and the coming years on different aspects from intensifying our existence in the local market in addition to broadening to new markets such as Europe and the Indian subcontinent" Tawash added.

Mr. Dhahery also extended, on his behalf and of the board of directors, his thanks and gratitude to Government of Bahrain for its unlimited support since it began, which proves the Kingdom of Bahrain´s reputation as a financial hub, also to all the shareholders, clients and investors for their trust and support to achieve our goals.