01 August 2018

First Bahrain Real Estate Development Company has announced the appointment of its current chairman Waleed Ahmed Alkhaja as acting CEO.

He was due to assume responsibilities last month, succeeding Amin Al Arrayed who was recently appointed to serve as the CEO for Edamah, the real estate arm of Mumtalakat Holding Company, the sovereign wealth fund of Bahrain.

Alkhaja has served as chairman of First Bahrain since May 2014. Under his leadership, the company has doubled the value of its income generating assets and quadrupled its net rental income, as it developed a series of new projects in Janabiya and Seef, actively converting undeveloped lands into income generating investments. The company has clear plans for expansion as it begins work on the first phase of a retail project in Seef.

Alkhaja had served for 19 years in the Investment Directorate of Bahrain’s Ministry of Finance, before joining the Pension Fund Commission of Bahrain as director of Investment and executive director of the SIO Asset Management Company. He currently serves on the board of directors of Reef Real Estate Finance Company, Gulf Educational Projects, and on the board of trustees of Applied Science University.  

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