Real Capita’s founding capital is $54 million, which was increased from $50 million due to the level of interest, mostly from Qatari and Saudi investors. Among the biggest founding shareholders are Al-Rajhi Group and Dammam Development, both of Saudi Arabia, Qatar’s International Trade & Development Company, Injaz Mina and Ali & Sons, both Abu Dhabi-based, and Bahrain-based Al-Khuzama Investments. The capital is likely to be increased to $100 million-200 million within the next two years, possibly through an initial public offering (IPO). ‘We are planning to invest about 30 per cent within the kingdom and the remainder outside,’ says Mohammed al-Tawash, chairman of the founding committee and former chief executive officer of Manama-based Al-Khaleej Development Company (Tameer). ‘We are already seeking to develop an affordable housing scheme in Morocco and are looking at investment in Turkey.’ About 20 per cent of Real Capita’s investments will be outside the real estate sector.
One of the company’s first projects within Bahrain is the 11-storey Wind Tower close to Manama’s Diplomatic Area. The UK’s Spectrum is the consultant on the estimated BD 15 million ($40 million) project and a tender for the main construction contract is expected to be issued by mid-2006.