30% stake for RCO Bahrain in Seef properties

Manama  : In a historic move, His Majesty King Hamad bin Isa Al Khalifa granted orphans and widows under the umbrella of the Royal Charity Organisation a 30 percent stake in Seef Properties. 

The decision was announced by His Highness Shaikh Nasser bin Hamad Al Khalifa during the 20th-anniversary celebration of the Seef Mall. 

“HM The King has given directives to grant orphans and widows under the umbrella of the Royal Charity Organisation 30pc of the company’s shares in support of charity and humanitarian work,” said HH Shaikh Nasser, the Representative of His Majesty the King for Charity Works and Youth Affairs, Chairman of the Board of Trustees of the Royal Charity Organisation.

Seef Properties, a leading real estate development company in Bahrain, was established in 1999 by the Government of Bahrain as a publicly listed company with an aim to manage Seef Mall and other government properties. It continues to attract a large number of visitors thanks to its wide range of international brands including retail, restaurants and leisure facilities for children and adults, as well as hundreds of stores suitable to different lifestyles.

Yesterday’s announcement was made in the presence of the Board of Directors of Seef Properties and the Executive Management of the company.

The company, Shaikh Nasser said, is now one of the most important tourist, commercial and economic destinations for citizens, residents, visitors and tourists, which significantly contributes to driving the growth and development in the area surrounding Seef Mall.” The mall enjoys branches in Muharraq and Hamala.

Seef Properties recorded net profits of  BD7.93 Million for the first nine-months of 2017, an 11.2pc increase from BD7.13 posted during the same period last year. Net profits for the third quarter of 2017 was BD2.73m compared to BD2.64m in the same period last year.

His Majesty the King’s decision was hailed by Essa Mohammed Najibi, Chairman of Seef Properties, CEO of Seef Properties Ahmed Yusuf and Dr Mustafa Al Sayed, Vice Chairman of the Board of Directors of RCO. 

“Launched as a wholly owned company by the Housing Bank, shares of Seef Properties was later listed on the Bahrain Bourse. The move, Najibi said, was aimed at transferring national wealth to citizens.

Seef Mall has announced month-long activities as part of its anniversary celebrations. This includes the “Shop and Win” campaign launched earlier this month. The campaign allows shoppers who spend BD20 at any of the mall’s shops and restaurants in Seef District to win BD1,000 on a daily basis. A stage performance of the animation Ice Age will be held from December 21 to 23, followed by a Chess Championship on December 29 and 30. A fireworks display will add more sparks to the festivities.