Abaad to increase its paid-up capital to BD25m

"In this limited and brief time we proved to pursue the company's growth strategy as stipulated in the diligently drafted business plan. We were able to set records on different levels and investment opportunities to achieve tangible profits and solid financial results for our shareholder and clients" stated Sh. Hisham.

"The increase in the paid-up capital could benefit and strength the Company's competitive ability within the region and help Abaad in establishing its presence in the real estate market" he stated.

"Since the beginning, we believed that the solid foundation we built along with the experienced team members are necessary to support future growth" stated Mr. Ahmed Yusuf, CEO of Abaad.

"We have optimistic plans to expand during 2008 and the coming years in different aspects by intensifying our existence in the local market in broadcasting to new markets" he added.

The first development for Abaad in Bahrain is "Binan Saar", the 57 residential units in Saar, with a total cost of BD8.5m, this project will be built in two phases covering a land area of more than 27,000 sqm, phase one will consist of 35 villas and phase two will consist of 22 villas, designed to offer a luxurious lifestyle surrounded by a harmonious and serene environment which blends together with the surrounding neighborhood.

The project is estimated to be completed by late 2009.

"We are confident that our disciplined efforts to create growth-oriented venture are on track and will provide benefits to all with a stake in our success for years to come."

Abaad Company was established in the first quarter of 2007 with a paid-up capital of BD10m, it is a wholly owned subsidiary of Bahrain Islamic Bank. Abaad is a fully integrated real estate investment, development and management company operating in accordance with Islamic Sharia principles.