MANAMA, 26 November 2007 — Bahrain-based investors have launched a new real estate company with paid-up capital of BD3.75 million and authorized capital of BD30 million. The new entity Tashyeed Properties plans to enter the Bahrain and GCC real estate market with maiden project by mid-January, the founding board members told a press conference yesterday.

The investors feel that the $1.3 trillion ongoing infrastructure and realty projects across the region will continue to lure local and regional companies to participate more actively in this booming segment of the regional economies.

“At Tashyeed Properties we have strong ambitions to evolve quickly as a major local and regional player in the real estate market. Our quest is to create landmark property-based investment portfolios in Bahrain and across the GCC,” said Dr. Kadhem Rajab, chairman of Tashyeed Properties.

Rajab said the company had already acquired a BD5 million piece of land in one of the prime locations.

“The leadership of Bahrain has encouraged us as a company to achieve these ambitious goals as they have invested heavily in the country’s infrastructure and provided a stable platform for future investment and growth.”

“To enable us to achieve our goal we have a strong board and management team which would work in accordance with our corporate values of integrity, corporate responsibility and fast forward thinking.” “Fast forward thinking in fast forward mode is one of the company’s cornerstones. We anticipate the needs of the market in which we operate as well as the requirements of the company and also the future of our employees. We want to create an atmosphere of innovation and also encourage our employees to constantly learn and improve,” he added.

Tashyeed is upbeat to announce the first project by mid-January 2008.

“We have already gained confidence with our investors through our people’s experience and knowledge of the construction and real estate industry in Bahrain, coupled with our knowledge of the banking and investment sector,” said Salim Al Mannai, vice-chairman of the company. “A property, whether commercial or residential, is a powerful touch-point around which people’s lives revolve. We keep this insight in focus and invest a great deal of time and care as well as first-class expertise in all aspects of our developments from the conceptual phase right through to the design and construction.”

The new corporate identity was revealed by Redha Rajab, managing director and chief executive officer.

“The company was set up just in less than two years and in that time, our vision and mission has been revised. To fit in with this new direction we have developed a new corporate identity which is a symbol of progress and a solid foundation. The Arabic meaning of the word ‘Tashyeed’ conveys the process of building something solid in its foundation and can withstand the challenges of time.”

“We are in an exciting phase of the company’s development and will launch two property investments in the near future which reflect our dedication to being innovative, offering the market strongly differentiated properties that will clearly standout from the very generic style of constructions we are now seeing,” Rajab added.