MANAMA: First Bahrain Real Estate Development Company’s chairman Waleed Ahmed Alkhaja has been appointed the acting chief executive with effect from Thursday.
Mr Alkhaja will succeed Amin Al Arrayed, who is moving to Edamah, the real estate arm of Bahrain’s sovereign wealth fund Mumtalakat, at the end of this month.
A statement said the company’s board desired to send a message of stability and confidence to the market by selecting Mr Alkhaja as the interim CEO.
He has served as chairman of First Bahrain since May 2014, and has overseen the company double the value of its income generating assets and quadruple its net rental income, as it developed a series of new projects in Janabiya and Seef, actively converting land into income generating investments.
First Bahrain owns or holds rights to over 1,000,000 square feet of strategically located land across Bahrain.
The company’s expansion plans include a retail project in Seef and opportunistic acquisitions.
Mr Alkhaja has had a long career in investments and currently serves on the board of Reef Real Estate Finance, Gulf Educational Projects, and on the board of trustees of Applied Science University.
He holds a Bachelor’s degree in Business Administration from North Texas State University.
&uuid=(email))