Seef approves $16.9m cash dividends for 2016

15/03/2017 08:06 AST

Seef Properties, a leading real-estate development company in Bahrain, has approved the distribution of a cash dividend of 14 per cent equivalent to BD6.44 million ($16.9 million) at BD 0.014 per share to the shareholders for 2016.

The announcement was made during the annual general meeting held today (March 14) at Fraser Suites Seef District, where shareholders approved the company's audited financial results.

"I am pleased to report another year of excellent results. We have achieved a 9.5 per cent increase in Operating Profit, whilst continuing to invest significantly in upcoming and existing projects that have expanded our reach in Bahrain," said chairman Essa Mohammed Najibi.

"We will continue to grow our portfolio by targeting lucrative investment opportunities through profitable growth and attractive returns backed by a strong brand name in the market. Our strategy and determination allows us to maintain a strong outlook that benefits our shareholders," he added.

Najibi pointed out that last year Seef Properties had announced the launch of Lama Real Estate with a mandate to develop a major mixed-use project in Hamala at an investment of BD40 million ($105 million).

The project will provide residential, commercial and entertainment facilities with the aim of creating an integrated and self-sufficient community, he stated.

"The addition of this new project to Bahrain's real estate sector will further enhance the tourism infrastructure in the kingdom and support the national economy," he added.

Further commenting on the real estate market, Najibi said: "At a time when activity in the real estate markets is increasing in Bahrain, we see the return of rental growth drawing more investor interest."

"We believe this will culminate in an increasingly active development market and an overall boost to the real estate market," he added.

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