MANAMA: The Social Insurance Organisation (SIO) launched a development company to manage the long-term sustainable growth of its real estate portfolio.
Amlak, a subsidiary of SIO, will focus on maintaining optimal risks and deliver above-the market returns for all the properties currently owned by the Organization.
“International best practice is to develop pension funds that drive investment strategies with a view of achieving a maximum rate of return without undue risk of loss,” the Chief Executive Officer of Amlak, Hamid Al Awadhi, said.
“We have witnessed the success of other nations in redefining its pension investment strategy either by diversifying or developing an independent investment arm,” he said.
With over a strong portfolio of properties of all classes and types under its belt, Amlak will fuel the growth of its portfolio through a balanced investment strategy founded on a stern governance model and investment management framework.
“Amlak is mandated by its shareholder – the SIO – to maintain a stream of income proceeds while ensuring a healthy growth in the capital base,” Al Awadhi, added.
“The team behind Amlak comes from a wealth of experience and we have developed policies and procedures to ensure that all our investments moving forward are demand-led and value-driven,” he said.
Other than building investment opportunities, Amlak will be evaluating current properties and devising a development plan to boost property values. A number of properties are currently under renovation and will soon be re-launched under a new management.
“We have a wealth of properties – our strategy for the next three years is to revaluate each property and maximize the return of equity owned by SIO,” he said.
“Our team includes engineers, real estate experts and financial analysts. We are able to develop and manage each property internally from developing the feasibility study, managing the contractors and overseeing tenants,” he added.
Amlak, a development company with a focused strategy, aims to deliver real benefits and financial security to Bahrainis and the society at large. The company aims to manage and develop long-term investing and sustainable growth for SIO’s real estate portfolio through a dedicated team of experts