First Bahrain

What First Bahrain does

First Bahrain Real Estate Development Company K.S.C. (Closed) is a Kuwaiti-domiciled, Sharia-compliant real estate investment and developer founded in 2005, operating primarily in Bahrain across industrial, commercial, and residential sectors. The company's core product is physical real estate developed and held across three pillars: (i) Majaal Warehouse Co., an SME-focused industrial facility at the Bahrain Investment Wharf (BIW) offering warehouse units from 2,700 to 100,000 sq ft with open-plan layouts, column-free interiors, 24/7 security, and modern ICT infrastructure; (ii) neighbourhood retail including El Mercado Janabiya (48,500 sq ft of leasable retail on an 86,000 sq ft plot, featuring an outdoor garden experience) and El Balcón Mall in Seef District, with the Jarir Bookstore Bahrain build-out as a custom big-box project; and (iii) residential communities such as El Mercado Village (42 Spanish-Mediterranean villas and townhouses) and the 2025 GLDP 44-unit housing project in Madinat Salman awarded by Bahrain's Ministry of Housing and Urban Planning.

The company makes money through three recurring streams: long-term leasing of industrial units at Majaal (reportedly fully occupied), recurring rental income from retail units at El Mercado Janabiya and El Balcón Mall (reported 40%+ YoY net rental income increase historically at El Mercado Janabiya), and one-time sale of residential villas via escrow arrangements with KFH-Bahrain. A growing third-party facilities management service, branded through Majaal, generates professional service fees. First Bahrain reaches customers through direct sales (residential), direct leasing (commercial/industrial), external agents (Cluttons as exclusive sales agent for El Mercado Village, DTZ as exclusive leasing agent for Majaal), and property exhibitions including Gulf Property Show and Gulf Industry Fair. Capital is sourced from Islamic project finance facilities with KFH-Bahrain, Khaleeji Commercial Bank, Mashreq Bank, and BMI Bank, with Deloitte as finance advisor, Protiviti as internal auditor, and Al Mashora & Al Raya as Sharia advisors. First Bahrain operates through wholly-owned subsidiaries including Majaal Warehouse Co. W.L.L., FB Janabiya Residential Development Co. W.L.L. (holder of RERA Developer License No. D201803/0006), First Bahrain Holding Company W.L.L., and First Kuwait Al Seef Real Estate Development Co. W.L.L., with corporate headquarters in Sharq, Kuwait and operational headquarters in Manama, Bahrain.

Name

First Bahrain

Legal name

First Bahrain Real Estate Development Company K.S.C. (Closed)

Website

https://firstbahrain.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

First Bahrain is a Kuwaiti-founded, Sharia-compliant real estate developer operating in Bahrain across industrial (Majaal warehouses), commercial (El Mercado Janabiya, El Balcón Mall, Jarir Bookstore), and residential (El Mercado Village, MOHUP 44-villa project) sectors, serving SMEs, retail tenants, homebuyers, and government housing programs.

Ownership category

akta.pro rank

Headquarters

HQ city

Sharq Hawalli

HQ country

Kuwait

HQ region

Middle East

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Industrial and Commercial Property Leasing: Leasing of warehouse and industrial facilities (Majaal) and retail/commercial spaces (El Mercado Janabiya, El Balcon Mall) to tenants. Majaal achieved full occupancy and is generating solid cash flow. El Mercado Janabiya increased annual net rental income by over 40%.
2. Residential Property Sales: Sale of residential villas and townhouses (El Mercado Village) to homeowners and investors. Title deeds transferred to buyers who acquired homes during construction phase.
3. Third-Party Facilities Management Services: Majaal offers branded development management services to third parties as it looks to regional expansion. Company manages third party properties for professional fees.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

First Bahrain is a Sharia-compliant real estate investment and development company that develops, owns, and manages industrial, commercial, and residential properties in Bahrain and Kuwait. Its core offerings include SME-focused industrial warehouses (Majaal), neighborhood retail centers (El Mercado Janabiya, El Balcón Mall), and residential villa communities (El Mercado Village). Revenue is generated primarily through long-term leasing of commercial and industrial spaces, one-time sales of residential villas, and third-party facilities management services.

Product overview

First Bahrain is a Sharia-compliant real estate investment and development company operating across industrial, commercial, and residential sectors in Bahrain and Kuwait. The company offers a diversified portfolio including: Majaal Warehouse Co. (SME-focused industrial facilities management), El Balcón Mall (retail center in Seef), El Mercado Janabiya (neighborhood retail center), El Mercado Village (residential villas), Jarir Bookstore (retail property), and housing development projects under government programs. The company also provides branded development management services to third parties.

Differentiator

Problem solved

Functional benefit

Brands

• Majaal: SME-focused warehousing and industrial facilities developer and operator
• El Mercado Janabiya
• El Mercado Village
• El Balcon Mall
• Jarir Bookstore

Products and services

• Majaal Warehouse Co. SME-focused developer and manager of industrial facilities offering high-quality warehouse space with unit sizes ranging from 2,700 to 100,000 square feet, featuring 24/7 security and modern ICT infrastructure. Serves small and medium enterprises needing warehousing, logistics, manufacturing, and distribution space.
• El Balcón Mall Retail center designed to provide a mix of casual dining restaurants, cafes, shopping, and services featuring terraced views and outdoor seating in the Seef district. Leased to retail tenants and service providers.
• El Mercado Janabiya Open-air neighborhood retail center built on an 86,000 square foot plot featuring landscaped courtyards, water features, restaurants, cafes, and anchor supermarket, offering 48,500 square feet of leasable area across 23 retail units. Leased to retail and F&B tenants.
• El Mercado Village Residential community of 42 villas and townhouses with Spanish-inspired architecture, designed by Sanad Engineering, located adjacent to El Mercado Janabiya retail center. Sold to individual homebuyers and investors.
• Jarir Bookstore Property

Quantifiable outcome

• 100% occupancy at Majaal industrial facility
• +3 more outcomes

Named customers14 records

Segments5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

25 partnerships are on record, tiered minor and core.

• D3 ConsultantsminorStrategic or Co-development Partner · 20 February 2024Education consultancy firm partnered with First Bahrain for upcoming school projects in the region.
• Orangetheory FitnessminorChannel Partner/ Reseller/ Distributor · 10 January 2024Global fitness franchise partnering with First Bahrain to introduce innovative fitness concept at El Balcon Mall.
• Alghanah GroupcoreImplementation/ SI/ Consulting Partner · 25 April 2018Appointed for construction of upcoming retail project in Seef District.
• CluttonscoreChannel Partner/ Reseller/ Distributor · 23 March 2018Appointed as exclusive sales agent for El Mercado Village premium residential complex.
• Impact InteriorsminorImplementation/ SI/ Consulting Partner · 18 October 2016Appointed to refine interior design of El Mercado Village residential villas.
• DecoratorscoreImplementation/ SI/ Consulting Partner · 5 October 2016Member of Promoseven Holdings appointed to construct 42 villas of El Mercado Village in Janabiya.
• MBA Fakhro HoldingcoreChannel Partner/ Reseller/ Distributor · 16 May 2016Area Developer for Anytime Fitness franchise. Signed lease for first Anytime Fitness club in Bahrain at El Mercado Janabiya. Plans to establish network of 100+ gyms across GCC.
• Almoayyed Contracting GroupcoreImplementation/ SI/ Consulting Partner · 6 June 2015Lead contractor for USD 30 million commercial project in Janabiya (El Mercado Janabiya).
• Sanad EngineeringcoreImplementation/ SI/ Consulting Partner · 6 June 2015Design architects for El Mercado Janabiya and El Mercado Village. Designed Spanish Mediterranean architecture for residential and retail projects.
• Challenge BahrainminorGTM or Marketing Partner · 17 November 2014Majaal as official logistics partner for international triathlon event, providing storage space for event equipment.
• Hilal Conferences & Exhibitions (HCE)minorGTM or Marketing Partner · 2 February 2014Strategic logistics sponsor at Gulf Industry Fair. Key sponsorship agreements for GIF 2011, 2013, 2014, 2015, 2016, 2017.
• 3BL Associates ConsultancyminorImplementation/ SI/ Consulting Partner · 1 December 2013Corporate Sustainability Consultant appointed to evaluate Majaal's operational efficiency through sustainability framework.
• Al Mazaya Holding Co.minorStrategic or Co-development Partner · 8 October 2013Kuwaiti company appointed Majaal to oversee development and leasing of USD 20 million industrial facility at BIW. Represents FDI and confidence in Bahrain.
• MSCEB (Mohamed Salahuddin Consulting Engineering Bureau)minorImplementation/ SI/ Consulting Partner · 18 April 2011Architecture and engineering firm appointed as design architects for second phase of Majaal.
• DTZcoreChannel Partner/ Reseller/ Distributor · 29 September 2009Appointed as exclusive leasing agent for 716,000 sq ft warehousing project at BIW.
• Baker Wilkins & Smith (BWS) Middle EastminorImplementation/ SI/ Consulting Partner · 28 March 2009Appointed as cost consultants for warehousing project at BIW. Reappointed for Majaal Phase II.
• ProtivitiminorImplementation/ SI/ Consulting Partner · 15 March 2009Appointed as internal auditors for risk consultancy and quality management.
• Abdullah H. Al Darazi & SonscoreImplementation/ SI/ Consulting Partner · 27 February 2009Main contractor for construction of USD 45 million warehousing development at BIW. Pursued aggressive schedule to complete by end of 2009.
• Tebodin Middle EastminorImplementation/ SI/ Consulting Partner · 10 February 2009Appointed as Project and Construction Managers for warehousing development at BIW.
• MACE GroupcoreImplementation/ SI/ Consulting Partner · 15 April 2008Global consultants appointed to project manage USD 450 million Seef District development.
• Bahrain Economic Development Board (Bahrain EDB)coreStrategic or Co-development Partner · 1 April 2008Bahrain EDB serves as investment promotion agency and primary point of contact for global businesses. Collaborates with Majaal on matchmaking investors with warehousing services. Critical partnership for FDI facilitation.
• KEO International ConsultantscoreImplementation/ SI/ Consulting Partner · 23 September 2007Appointed to master plan and design USD 450 million Seef District development.
• Al Mashora & Al Raya For Islamic Financial ConsultingcoreImplementation/ SI/ Consulting PartnerSharia-compliant real estate investment company appointed Al Mashora & Al Raya as Sharia Advisors. Performs annual audits and reviews all contracts and transactions to ensure compliance with Islamic Sharia principles.
• DeloittecoreImplementation/ SI/ Consulting PartnerProfessional services firm providing finance and advisory services to First Bahrain.
• Hassan Radhi and AssociatescoreImplementation/ SI/ Consulting PartnerLaw firm providing legal counsel to First Bahrain.

Scale indicators18 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Salhia Real Estate Company: Kuwaiti real estate investment and development company focused on commercial complexes, retail, and residential. Comparable as a Kuwaiti parent-rooted developer with Sharia-compliant structures and mixed-use projects in Kuwait and the region.
• Mabanee Company: Kuwaiti-listed real estate developer best known for The Avenues mall in Kuwait and Bahrain. Larger, publicly listed Kuwaiti peer operating neighbourhood/large-format retail developments across the Gulf — comparable product type (retail-led mixed-use) at greater scale.
• National Real Estate Company (NREC): Kuwaiti-listed real estate developer with diversified residential, commercial, and hospitality assets across the GCC including Bahrain. Comparable Kuwaiti-rooted developer with regional footprint and Islamic finance-backed projects.
• United Real Estate Company (URC): Kuwaiti-listed real estate developer with diversified GCC and MENA portfolio. Comparable Kuwaiti-rooted peer with similar mixed-use, residential, and retail exposure across Gulf markets.

Others

• Bahrain Logistics Zones (Bahrain Investment Wharf): Operator of the Bahrain Investment Wharf industrial/logistics park where First Bahrain's Majaal is anchored. Adjacent — not a competitor — but the host infrastructure whose strategic positioning underpins Majaal's tenant value proposition.

Direct peers

• Edamah (Bahrain Real Estate Investment): Bahraini state-backed real estate investment company developing residential, commercial, and hospitality projects. Closely comparable as a domestic Bahraini developer with government partnership exposure similar to First Bahrain's MOHUP work.
• Diyar Al Muharraq: Bahraini master-planned community developer behind Diyar Al Muharraq city. Most direct peer — operates in the same Bahraini real estate development market across residential, commercial, and mixed-use segments with similar Sharia-compliant project structures.

Emerging players

• Eagle Hills: Abu Dhabi-headquartered real estate developer active in Bahrain (Marassi Residences, Marassi Galleria). Comparable developer working on mixed-use, retail-led masterplans in Bahrain with similar GCC capital sources.

Regional players

• Kuwait Real Estate Holding (Aqarat): Kuwaiti real estate investment and development company focused on residential, commercial, and land banking. Comparable Kuwaiti-origin developer with Sharia-compliant operating history.
• Tamdeen Group: Kuwaiti real estate group developing mixed-use, retail, and residential projects including 360 Mall and Tamdeen Square. Comparable product mix (community retail + residential) though concentrated in Kuwait rather than Bahrain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/first-bahrain
• Facebookfacebook.com/firstbahrain

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Bahrain