Seef Properties' Annual General Meeting approves distribution of BD 4.09 million in cash dividends to shareholders and elects new Board of Directors
Seef Properties B.S.C. (trading code: SEEF) held its Ordinary Annual General Meeting on 19 March 2025 at 1 p.m. at Al Liwan Cinema to review and approve key agenda items.
Chaired by Seef Properties Chairman, Mr. Essa Mohamed Najibi, the meeting was attended by the Company's Board Members, Chief Executive Officer Mr. Ahmed Yusuf, other Executive Management team members, and representatives from the Ministry of Industry and Commerce, the Central Bank of Bahrain, Bahrain Bourse, and Bahrain Clear. The meeting reviewed the Company's financial results and major achievements over the past year.
The Ordinary Annual General Meeting approved the financial results for the year ended 31 December 2024 and the recommendations of the Board of Directors, which included a 9% cash dividend distribution to shareholders, amounting to BD 4.09 million (9 fils per share), and the allocation of BD 170,000 towards charitable and community initiatives under the Company's Corporate Social Responsibility program. Seef Properties reported a net profit attributable to the shareholders of BD 5.61 million for the year ended 31 December 2024, compared to BD 6.44 million in the previous year, reflecting a 12.94% decline. The basic and diluted earnings per share attributable to the parent company's shareholders stood at 12.26 fils for the financial year ended 31 December 2024, down from 14.00 fils in the previous year. Operating profit for the financial year ended 31 December 2024 reached BD 12.32 million, marking an 11.70% decrease from BD 13.95 million in the previous year. The Ordinary Annual General Meeting saw the election of a new Board of Directors, with nine members elected for a three-year term, and the remaining position appointed by the Social Insurance Organization. Essa Mohammed Najibi, Sattam Sulaiman Al Gosaibi, and Mohammed Ebrahim Al Bastaki were re-elected, Anwar Mohamed Ali Murad, Zayed Ali Rashed Al Amin, Majed Abdulla Al Khan, Ahmed Habib Ahmed Kassim, Sara Khalil Nooruddin, and Ahmed Al Mutawa were elected, while Sahar Rashed Al Mannai was appointed by the Social Insurance Organization. Seef Properties Chairman Mr. Essa Mohammed Najibi stated: 'Looking at the past year, we are proud to have been able to execute several ambitious strategies, particularly our regional expansion into the Saudi market. This milestone marks a significant step forward and enhances our ability to capitalize on the region's emerging opportunities. Seef Properties' achievements in 2024 have strengthened our standing in retail, hospitality, and entertainment. As we move forward, we remain committed to developing projects that drive Bahrain's economic growth in line with Bahrain Vision 2030, while exploring new opportunities to strengthen our industry leadership.' Mr. Najibi added: 'We deeply value the government's continuous support and our strong partnership with the Ministry of Tourism. This underscores the success of such public-private collaborations in the Kingdom, which have not only enhanced Bahrain's position as a premier tourist destination but also highlight Seef Properties' contributions to the national economy and sustainable development.' Seef Properties Chief Executive Officer Mr. Ahmed Yusuf said: 'We continue to consolidate our market presence by expanding across the real estate, retail, hospitality, and entertainment sectors, in line with our commitment to Bahrain's economic growth. By attracting leading global and regional brands, we enhance the appeal of our projects and create premium, diverse shopping experiences. Widening our partnerships and investments portfolio, we aim to deliver exceptional experiences that exceed the expectations of residents, visitors, and businesses alike.'
Seef Properties achieved several key milestones in the past year, including a strategic partnership with Majd Investment to develop a mixed-use project in Dammam, marking the Company's first regional venture. The launch of Fraser Suites Al Liwan strengthened its hospitality portfolio, while the introduction of a solar energy project in Bahrain demonstrated the Company's commitment to sustainability, aligning with both Bahrain Vision 2030 and the UN's Sustainable Development Goals (SDGs).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
17 hours ago
- Daily Tribune
Saudi top diplomat says ‘at vanguard' of efforts to rebuild Syria
Saudi Foreign Minister Prince Faisal bin Farhan travelled to Damascus yesterday, where he said his country would be at the forefront of efforts to rebuild Syria after nearly 14 years of civil war. Prince Faisal had landed in the Syrian capital earlier, alongside an economic delegation on a visit to discuss ways to support Syria's war-ravaged economy, authorities said. 'We affirm that the Kingdom of Saudi Arabia will remain at the vanguard of countries standing by Syria in its path towards reconstruction and economic recovery,' Prince Faisal said in a joint press conference with his Syrian counterpart. Saudi Arabia 'will present joint financial support alongside Qatar to public sector workers' in Syria, he added, while pointing to interest in Syria from Saudi investors. He said Saudi economic delegations would visit Damascus soon, noting that 'work is underway to discuss investment support and economic and trade cooperation' between the two countries. Syrian Foreign Minister Asaad al-Shaibani, meanwhile, expressed his country's thanks 'for the role Saudi Arabia has played, particularly on the lifting of sanctions' by the United States. Shaibani pointed to 'strategic initiatives aiming to restore infrastructure, replenish agriculture... and create real job opportunities for Syrians'. Prince Faisal met Syrian interim President Ahmed al-Sharaa, and visited Damascus's famous Umayyad Mosque alongside Shaibani.
Syyaha
20 hours ago
- Syyaha
Baheej Introduces a Boutique Wellness Resort Inspired by Saudi Traditions to Yanbu's Coastline
YANBU, Saudi Arabia | June 1, 2025 — Baheej, Saudi Arabia's emerging destination developer and a joint venture between ASFAR, the Saudi Tourism Investment Company and a Public Investment Fund (PIF) company with the Tamimi-AWN Alliance, is proud to announce the fourth component of its transformative Yanbu Waterfront Project: a 34-room boutique Wellness resort that brings together ancestral wellness wisdom and contemporary design inspired by the region's seafaring on the tranquil shores of Yanbu, this intimate sanctuary will feature private sea-view cabanas, immersive wellness programming, and a signature spa designed as an architectural homage to the pearl, once a precious treasure of Yanbu and a symbol of renewal and Al Tamimi, CEO of Baheej, added: 'This project is a reflection of Baheej's vision to enrich Saudi destinations with meaning, not just infrastructure. Our wellness resort is more than a place to stay — it's an experience crafted around the values of balance, beauty, and belonging. We believe it will become a new symbol of Yanbu's evolving identity as a serene coastal escape.'Envisioned as a journey and offering guests opportunities to reconnect with self and place, Baheej is developing the resort with curated experiences that include meditation at sunrise, movement rituals inspired by coastal rhythms, and wellness treatments rooted in Arabic healing traditions and native ingredients.'The design, developed by Spectrum Architecture, draws deeply from the soul of Yanbu,' said Stefano Lopez, Senior Director at Baheej. 'It reinterprets the poetry of seafaring traditions and the calm resilience of the sea into a space of reflection, comfort, and transformation.'Lopez also noted that the official brand of the resort will be revealed later this year, hinting at its distinctive Saudi character: 'We want to create a brand that resonates with our domestic travelers. One that brings generations of Saudi heritage and wellness practices to the forefront of contemporary hospitality.' This launch marks a further step in Baheej's mission to transform Yanbu into the gateway to the Red Sea Riviera; a new destination narrative that fuses nature, culture, and community. The wellness resort joins a growing collection of destination-defining assets developed by Baheej in Yanbu, including Cloud 7 Lifestyle hotel by Kerten Hospitality, Kaynuna Beach Escape and the upcoming Jaba Tour Center and Diving Club.
Trade Arabia
21 hours ago
- Trade Arabia
Al Salam Bank announces sale of key stake in Seef Properties
Al Salam Bank, the largest Islamic bank in Bahrain, has announced the sale of its 15.6% shareholding in Seef Properties to GFH. The exit of Seef Properties forms part of a broader Group optimization strategy designed to expand and reinforce focus on core banking operations and the Group's strategic holdings in banking, takaful, and asset management. ASB Capital, the Group's asset management arm, was appointed by Al Salam Bank as sell-side advisor. Under this, ASB Capital's key role will be to assist in sourcing, structuring and executing the exit of its significant minority stake in Seef Properties. Launched earlier this year with a starting assets under management (AUM) of $4.5 billion, ASB Capital recently launched its investment banking offering covering advisory, transaction mandates, capital market solutions, and other bespoke offerings across various asset classes. On this transaction, Rafik Nayed, Group Chief Executive Officer of Al Salam Bank and Managing Director of ASB Capital, said: "This transaction represents our continued commitment to exit non-strategic holdings as part of a group-wide optimization initiative." "Aligned with our strategy, we are reallocating capital and focus towards growing core banking operations and expanding our strategic holdings in banking, takaful, and asset management- sectors that offer long term value and operational synergies within the context of the Group," he noted. Additionally, Nayed said: "ASB Capital's role in facilitating the transaction, despite global market volatility, underscores the strength of our expertise and execution capabilities in transaction advisory and capital markets."
