MANAMA, 29 October 2007 — Investate, a new real estate company specializing in real estate investment, launched its operations in Bahrain in a function attended by the members of company’s board at the Ritz Carlton Hotel here.
The new company has a paid-up capital of $108 million and authorized capital of $500 million
The board has also decided to upgrade Investate’s activities by applying for a Central Bank of Bahrain Category 1 investment company license which will allow Investate to undertake a wide range of real estate banking activities, including project financing, direct investment, asset management and advisory services.
Backed by the heavy weight real estate names from across the Gulf, the company is poised to tap the existing opportunities in the UAE, Saudi Arabia, Qatar and other Gulf and MENA region countries.
Apart from the GCC and MENA, Investate is keen to enter the US, Asia, Europe and other markets to participate in the global real estate activities.
Investate’s shareholders include Omniyat Holdings (Dubai), Almasa Holdings (Dubai), Kuwait Investment Company (Kuwait), The First Investor (Qatar), Al Rashed Group (Saudi Arabia) and Al Hokair Group (Saudi Arabia) to mention a few from a wide list of shareholders.
Investate has signed strategic partnership with the region’s most innovative and dynamic property development company, the Dubai-based Omniyat Properties and under the agreement, Omniyat Properties will act as the preferred managing developer for the company’s projects.
During the shareholders’ meeting, Investate announced the successful raising of capital, the appointment of its board of directors, and the election of Dr. Habeeb Al-Mulla as chairman and Mehdi Amjad, president and CEO of Omniyat Holdings and Omniyat Properties as vice chairman.