Ithmaar Bank forms a development company and appoints Khalil Al-Sayyed its Chief executive officer

The Board also announced the appointment of a renowned Bahraini professional, Engineer Mohammed Khalil Al Sayyed as the first Chief Executive Officer of Ithmaar Development Company. Mr. Al-Sayyed currently holds the position of Undersecretary at the Ministry of Works and Housing. He is the President of Bahrain Society of Engineers, a position he held since 2004. Engineer Al Sayyed, one of the prominent Bahraini professionals in the field of engineering and business management will join Ithmaar Development Company as a Chief Executive Officer effective from 1 January 2007.

Engineer Mohammed Khalil Al Sayyed's appointment as Ithmaar Development Company's CEO is an acknowledgement of his vast experience, high level of professionalism and the capabilities to manage large-scale developmental projects. His expertise in supervising major housing projects, executed by the Ministry over the years is of particular significance. His appointment is also an expression of confidence and trust in Bahraini professionals in managing major developmental projects, especially those which Ithmaar Bank will be carrying out in and outside Bahrain.

For his part, Engineer Al Sayyed expressed his pride in the trust vested in him by the Board of Directors of Ithmaar Bank, emphasizing that the appointment is considered to be a major challenge for him. He however cited that the co-operation, which Ithmaar Bank's Board has promised to extend to the Company, would ensure the success of Ithmaar Development Company and realize its objectives. He noted that these objectives are consistent with the ambitions of the Kingdom's leadership in executing projects which would stimulate the national economy and increase the Gross Domestic Product (GDP) through increasing and diversifying investments in developmental projects which would create more job opportunities for Bahraini nationals.

Engineer Al Sayyed said Ithmaar Development Company has clear plans and business objectives, the outlines of which have been drawn out and clearly marked by the Board of Directors of Ithmaar Bank, the owner of the company. The Company would increase its share and contributions in the economic development of the Kingdom by setting up projects or joining hands with strategic partners, whereby the Bank will finance part of their capital. He said the Company aims also to realize a high return on shareholders' equity by setting up and executing such pioneering projects.

Mr. Al Sayyed holds outstanding academic qualifications in a number of disciplines. He obtained his BSc. in Civil Engineering from Arkansas University, USA in 1982, Master's Degree in Construction Engineering from the University of Texas, USA in 1984, and a high diploma in Project Management from the Royal Technology Institute of Australia in 1986.

Prior to moving up to senior positions, Engineer Al Sayyed worked for the Strategic Projects Directorate at the Ministry of Works and Housing, one of the most important directorates of the Ministry. The directorate undertakes the development and execution of major government projects. Some of the important projects he worked on while serving at the directorate include the Bahrain National Museum, Bahrain International Airport and the dredging and excavation work of the Hidd Power Plant. In 1993, he was appointed Director of the Khalifa Bin Salman and the Hidd Industrial Area Project, which is one of the most significant projects executed by the Bahrain government so far. In 1998, he was appointed Director, Administration and Finance, at the Ministry of Works and Housing, and then Assistant Undersecretary of Administration and Housing in 2000. In 2001, he also became Assistant Undersecretary for Construction and Maintenance Projects at the Ministry where he was responsible for managing and following-up a number of strategic projects, such as Bahrain International Circuit (Formula 1), King Hamad Hospital, Khalifa Bin Salman and the Hidd Industrial Area and Bahrain International Airport, etc.

In 2005, Engineer Al Sayyed was appointed Undersecretary for Housing and Management at the Ministry of Works and Housing. His responsibilities included housing projects, administrative and financial affairs, cost engineering, contracts and engineering services. He also took part in a number of development projects and programs which were carried out by the Works and Housing Ministry over the past few years.

Engineer Al Sayyed has amassed outstanding experience in engineering, project management, strategic planning and human and financial resources management. He is also a member of a number of professional societies worldwide including the American Society for Civil Engineers, Project Management Society USA, American Society for Management, American Society for Value Engineering, the Bahrain Society for Strategic Planning and Bahrain Society of Engineers.