SEEF Properties by EasternDigitalMedia

SEEF Properties Innovation & Insight Middle East recently caught up with Ahmed Yusuf, the CEO of Seef Properties and we asked him some questions about the company and one of its flagship projects.

1. Let's start with the Al Liwan project. How is it progressing, and do you have a date for its inauguration? Can you share any secrets about some of the restaurants and venues that will open in Al Liwan? Ahmed Yusuf: Al Liwan is a mixed-use project and the latest in our investment portfolio. The project occupies 122,000 square metres and is located in the Hamala area, one of the promising areas in the Northern Governorate of Bahrain. It

is also close to the King Fahd Causeway, Bahrain's only land bridge linking it to the Kingdom of Saudi Arabia. Al Liwan was inspired by our deep-rooted Bahraini heritage and reflects our commitment to our Bahraini history and culture. The meaning of al-liwan, the project's name, is derived from the word for the spacious enclosed hall that was used to receive guests in old houses. However the project also uses elegant modern touches in its detailing and facilities which contributes to meeting the needs of the target market. The mixed-use ‘Al Liwan’ project represents a new dawn for the Kingdom of Bahrain’s retail sector. The development features a wide variety of restaurants, cafes and retail stores topped with 117 three-storey residential units with stunning views. Furthermore, the project is graced by large green spaces to give its visitors a unique opportunity to shop and enjoy matchless natural surroundings at the same time. The Al Liwan development is designed to attract upper- and

and entertainment. The plaza is a place where everyone comes together to celebrate. The masterplan has been developed with the concept of courtyards in mind, linking breezy spaces through a narrow permeable layout of low-rise buildings. The project is expected to officially open by the end of this year (2021), with the leasing rate of available space currently reaching 60%, and work is underway to sign more leasing agreements with prominent international brands. Works are on schedule for the installation of games and rides in the new entertainment centre in Al Liwan, which will be the largest of its kind in the Kingdom of Bahrain. middle-class consumers from Bahrain and the GCC by offering a bouquet of luxury retail stores combined with other facilities, such as Bahrain’s largest family entertainment center, a state-ofthe-art gymnasium, and a supermarket in addition to restaurants and coffeeshops, some of which are renowned brand names. Seef Properties has developed this project to respond to the Bahraini lifestyle, and take it by storm. As a national company, Seef Properties contributes to boosting the national economy and promoting the tourism sector. This project will certainly help to create jobs and will become as a favorite destination for tourists coming to the Kingdom of Bahrain. Al Liwan embodies the essence of the ‘Live, Work and Play’ lifestyle and is firmly connected to its context. Surrounded by residential developments, schools and adjacent transport links to greater Bahrain, Al Liwan will act as a focal point where people can shop, meet and relax in the surrounding areas. A main boulevard runs through the site connecting a variety of retail outlets, restaurants, coffee shops and entertainment facilities. Parking is abundant and located evenly around the site. Street-front promenades are on a pedestrian scale and have been landscaped to provide a green comfort zone between roads and buildings. Kinetic water features and dramatic lighting are used throughout the scheme to create a playful environment and enhance the end-user experience. The heart of the project is the Central Plaza, a spacious courtyard linked to all points of the development and designed for public gatherings

The flagship Starbucks coffee shop in the project has already opened its doors to the public and is the first store to receive customers in Al Liwan, while the Bank of Bahrain and Kuwait, Miniso, Al Salam Bank, Bliss Lab by Nasser, Lamb Chef Restaurant, Danube Supermarket, Al Nakheel Premium Ladies Fitness Club, Fuddruckers, Caribou Coffee and many other brands are expected to open branches at Al Liwan this year. Al Liwan is targeting the most well-known regional and International trademarks, especially those entering the Kingdom for the first time such as the Danube Supermarket and Lamb Chef Restaurants thereby turning the project Into a magnet for all segments of Bahraini society and tourists alike. We are confident that this promising real estate project will soon turn into the destination of choice for citizens, residents and tourists in the Northern Governorate, as it provides a wide array of commercial, residential and entertainment choices, placing it at the forefront of real estate development.

2. Of course, Seef Properties is immensely experienced in the field of real estate. Can you tell us how things have changed since you first began managing Seef Mall In 2015? Ahmed Yusuf: After being listed on the Bahrain Bourse in 2007 as a joint-stock company, Seef Properties has built an excellent reputation after embarking on a successful journey towards 86

becoming one of the leading real estate development companies in the Kingdom of Bahrain and an innovation and creativity leader in the private sector. Since Its public listing transformation, Seef Properties has strived to be a leading, innovative, and diversified real estate company driven by the highest standards and values in its quest for excellence and stakeholder satisfaction, adopting the best administrative and operational practices with promising development strategies leading to diversification of its Investment portfolio to include real estate development, mall management, hospitality and entertainment. This has in turn contributed to fostering its healthy financial position, asset base, stronger liquidity and diverse income streams all of which has allowed Seef Properties to take the lead in driving the real estate sector growth and the emergence of Seef District as a booming urban area in the Kingdom. Seef Properties currently manages a vast portfolio of assets, further cementing its position

as a strong brand backed by a diverse business portfolio across the Kingdom, including real estate development, by launching various projects - most recently the Al Liwan mixed-use project in Hamala and by managing 3 malls: Seef Mall - Seef District, Seef Mall - Muharraq, Seef Mall - Isa Town plus other trade centers across the Kingdom. Entertainment is another core business for Seef Properties, the company owns Magic Island, an indoor theme park located in two of its malls. Last but not least, there is the hospitality sector managed by Fraser Suites Seef Bahrain.

3. The pandemic has affected Seef Properties' profitability but that is not surprising. How do you feel about the eventual bounce-back and the timeframe in particular? Are you optimistic? Ahmed Yusuf: Undoubtedly, 2020 was an...

CLIENT Seef Properties / Lama Real Estate WLL

CASE STUDY

PROJECT Al Liwan PROJECT TYPE Mixed Used Development LOCATION Hamala, Kingdom of Bahrain

WHAT IS SCENARIO? Scenario is a platform to enable collaboration, transparency, and oversight of all your Project Information and key artifacts, from concept through to handover. The Project Team were looking for a solution to help them reduce the volume of paper produced and managed on a project, and to be able to digitize their key project processes. Having reviewed other solutions, Scenario was chosen for the Project due to its track record of managing change, as well as flexibility of configuration. The Liwan Project Team easily adopted the solution for the project and started to realise the benefits of digitalization and collaboration using Scenario.

“The Software was adopted and easily integrated with the Project Processes and Change Management System which provided an effective solution to expedite variations, correspondence and various contract documents between the parties through the user-friendly interface. We received excellent technical support throughout the contract albeit barely required.” Jason Taylor HAJ Project Manager

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• Neutral Platform to manage Communications • Project Information available to the Team regardless of location • Digitalization and standardization of Project processes • Enabled timely responses to queries and requests.

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unparalleled year due to the Coronavirus outbreak and Its harsh repercussions on all economies around the globe. The Kingdom of Bahrain was no exception in this regard as the bulk of its economic sectors were hit hard, particularly the retail, entertainment and hospitality sectors which between them represent our main business lines. Despite these negative impacts caused by the COVID-19 Pandemic and its continued effect on all retail, entertainment, and hospitality sectors, Seef Properties has managed to maintain the momentum of its operations, supported by adopting a flexible strategy when It comes to dealing with the crisis efficiently. Seef Properties prides itself in being one of the first national companies to proactively allocate a special fund to support its tenants in Seef Malls during the pandemic, with the allocation of BD1.5 million as direct financial support, in addition to deferring rents on shops as per a flexible and long-term plan for an amount of approximately BD3 million, bringing the total support provided to tenants in the company's commercial malls to BD4.5 million. This exceptional support is a testament to the Company’s belief in the importance of sustaining the vital role played by national companies in supporting the economy of the Kingdom of Bahrain in such conditions, particularly the retail

sector in these unprecedented circumstances. The initiative also emphasizes the Company’s solid commitment to all its tenants, who are the heart and core of its business and are pivotal in the sustainability of future growth opportunities. We are optimistic and look forward to witnessing the recovery of all sectors, business models, and investment portfolios in the Kingdom, and for the restoration of the flow of the commercial, hospitality, real estate, and retail sectors to its previous state before the outbreak of the pandemic. The recent resolutions to reopen cinemas and entertainment centers for vaccinated and recovered Individuals will have a great and tangible impact on boosting footfall In malls and assisting other economic sectors, along with reopening the King Fahad Causeway to Saudis after a more than 14-month-long lockdown This will certainly help the national economy and our main business lines to thrive again. 4. Can you tell us a little bit about your team? How many people work for the Seef Properties organisation? What do you look for when you decide to recruit someone to the management team?

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Ahmed Yusuf: Seef Properties' success story would not be viable without the creative hard work and dedication of our personnel. The company firmly believes in investing heavily in human capital as the backbone of our strategy to move towards wider horizons, more innovation and better change. Our human resources comprise a total of 147 employees. Seef Properties is considered to be one of the leading national companies in terms of employing a Bahraini workforce, accounting for 80% of employees. Seef Properties implements an innovative employment policy to recruit the best national youth competencies and inject new blood into diverse departments so that each one can greatly contribute to lifting the company's financial and operational performance. Seef Properties also allocates a special budget to intensive training and skills enhancement for all its manpower on a regular basis to empower them with the right tools to Innovate and improve productivity in all fields of the company.

5. Can you tell us a little bit about your own career and what brought you to Seef Properties? Ahmed Yusuf: I hold a bachelor’s degree In Civil Engineering from Kuwait University (Kuwait) and I have over 26 years of accumulated experience in real estate and project management for major regional companies. I joined Seef Properties as CEO in 2015. Prior to joining the Company, I served in senior management roles in Edamah Real Estate Company, Abaad Real Estate Company, Gulf Development Real Estate Company, Salhiya Real Estate Company, Kuwait Hotels Company, and Kuwait University. 6. What do you like about being CEO of Seef Properties?

Ahmed Yusuf: Seef Properties has turned out numerous high-calibre magnates in Bahrain's real estate development sector who are now managing and operating the biggest malls In the Kingdom. Moreover, Seef Properties has a highly experienced Board of Directors that has substantial managerial experience among the most well-established Bahraini companies to turn aspirations into concrete reality and this has a positive Impact on all partners, whether shareholders, tenants, or shoppers. Additionally, I am proud to work with national competencies on innovation and adding new concepts to our main business lines, namely real estate development, entertainment, retail, and hospitality; this is what enables us to maintain our leading position in the local market and offer diversity in our various business models. 7. Do you have any plans to expand your operations into other parts of the Arab World? Ahmed Yusuf: Seef properties will be focusing on expanding locally at the moment and will look into expanding regionally in the future once the economic Indicators sound positive. 8. How does Seef Properties manage the way it invests in new real estate developments, especially in terms of concept, design and construction? Are you involved from the very beginning? Does Seef Properties own any subsidiary construction companies? Ahmed Yusuf: We are surely involved from the beginning of any real estate development in terms of design, concept, master plans, and construction phases. However, this is done through our dedicated development management team and not a subsidiary. This is visible in a number of projects, such as the Al Liwan project, where Seef Properties was the main developer. Our team deals with suppliers and contractors on a regular basis in order to provide the highest quality finish to the project.

9. What would you say sets Seef Properties apart from your competitors? Ahmed Yusuf: Seef Properties always aims to achieve the best financial, managerial and operational performance, relying on welldesigned plans and development strategies tailored with great care, alongside executing the best practices and innovative solutions serving our valued partners from shareholders to clients in our main business sectors. 10. What can you tell us about the Fraser Suites concept? What factors differentiate your approach to investing in residential property from your approach to investing in commercial property? Ahmed Yusuf: Fraser Suites Seef Bahrain is a luxurious landmark In Bahrain's hospitality sector; it embraces the best in convenience, choice, luxury and modern functionality and is well-suited to meet the needs of corporate travellers by offering the finest hospitality services In the Kingdom. Fraser Suites Seef Bahrain is an integral part of our investment portfolio's four pillars of success: real estate development, retail, hospitality, and entertainment. Fraser Suites comprises international-class accommodation with direct access to Seef Mall, Bahrain’s premier shopping and entertainment destination, and is a vital complement to our business structure designed to meet the needs of our customers and visitors. As a national company and in the spirit of the priority we give to bolstering the national economy, this integration of retail, entertainment and tourism investments will have a significant effect on the remaining economic sectors and this will boost economic and tourism growth tremendously.