Investate reports first half results

The half year results were approved by Investate's Board of Directors in its meeting held on 17th July at the Ritz Carlton Hotel in Bahrain.

Investate concluded two new real estate investments in the first half of the year.

The first being the acquisition of a prime land in the Bahrain Financial Harbour District, in Manama, Bahrain where Investate plans to carry out a $410m high end mixed use residential development.

The second was the acquisition of a 4.5 acre prime waterfront property in London, where Investate plans to carry out a $750m mixed use development comprising high end residential units, a five star hotel and retail space surrounding the onsite marina.

Investate plans to launch both the developments to high net worth individuals internationally and capitalize on Bahrain's position as an International Islamic Financial Hub and London's position as a Global Financial Center.

Investate's Chairman, Dr. Habib Al Mulla, commented that "Having concluded deals of such magnitude in the first year of our establishment is a significant achievement for Investate.

He explained "Now with the deals added in 2008, total development size of the projects under Investate's management reaches $2bn".


Investate's Chief Executive Officer Mr. Nooruddin said that

"The first two investments in Dubai, which were the starting point for Investate in 2007, are progressing very well and are exceeding our expectations. The first investment being the mixed use residential development in the Dubai Waterfront, master planned by Nakheel, is expected to be launched later this year. The second investment being the twin office towers known as The Octavian, located in Business Bay Dubai, has already been launched in the market."

In the second half of the year Investate plans to carry out a development in the region. Mr. Nooruddin added that "Saudi Arabia and Bahrain are focus markets for us in carrying out residential development projects and you will be happy to hear that we will be announcing more investments in these two countries in the second half of 2008."