First Islamic announces USD300 million joint venture with Bahrain International Golf Course Company for development of golf residential community

First Islamic has undertaken the equity investment in the project while the Islamically structured financing facility was fully underwritten by HSBC.

In developing the community, First Islamic will partner with East West Partners, a leading developer of award-winning themed residential communities in the United States, who have completed over 30 similar projects.

First Islamic aims to transform the existing Riffa Golf Course in order to offer residents a comprehensive lifestyle experience. Properties will be developed within a gated community, expected to consist of some 500 units, that offer residents impressive views of the golf course together with access to wide-ranging leisure facilities and amenities that are best suited for families. The residential units, consisting of a variety of single family homes built around the Riffa Golf Course, will have access to world-class sporting facilities and a country club that will offer residents resort-type swimming pools, indoor and outdoor tennis courts and other racquet sports facilities as well as a high-end health club. In addition, the community will include within its confines an international school, commercial facilities and a number of community parks and children's play areas.

The golf course itself will be redesigned by leading golf designers and modified to championship standards, which will enable it to host international events. This, together with improved training facilities, will solidify Bahrain's position within the sport of golf and complement the Kingdom's other sporting and tourist attractions.

In developing the community, First Islamic will involve international developers, designers and branded operators whose names will be announced in the near future.

Sheikh Rashid Bin Khalifa Al Khalifa, the Chairman of BIGCC commented, "We are pleased to announce this exciting project that will not only offer a unique residential community, but
will also be a boon for the sport of golf in the Kingdom. We are further pleased to be partnering with First Islamic, one of the region's leading financial institutions, for the development and regeneration of the Riffa Golf Course."

Atif A. Abdulmalik, First Islamic's Chief Executive Officer commented, "This project is a continuation of First Islamic's themed residential community developments in the Middle East. We are extremely proud to introduce this concept in Bahrain and shall partner with world class developers and operators to produce an exceptional community and a superior golf course."

Sheikh Mohammed Bin Isa Al Khalifa, Vice Chairman of BIGCC commented "This project reflects the confidence of both local and international investors, such as First Islamic, in the development and growth of Bahrain. We, as shareholders, are excited to see the Riffa Course transformed into a signature championship course and further used as a platform to develop quality residential properties in Bahrain."