International firm to act as internal auditors and improve efficiency of the organisation

Manama, March 16th, 2009: First Bahrain, an innovative regional real estate developer, today announced the appointment of Protiviti's member firm for the Middle East region as its internal auditors. Protiviti is the world's leading internal audit and business consulting firm composed of experts specializing in risk, advisory and transaction services. The move to appoint Protiviti comes as part of First Bahrain's proactive approach to risk management and quality control, measures that have resulted in the company maintaining strong financial performance despite the global economic downturn.

Protiviti will also be involved in risk assessment and management for First Bahrain's project at the Bahrain Investment Wharf (BIW), and its other projects. First Bahrain's current warehousing project at the BIW is an example of the company's demand-driven investment approach and when launched later this year, will fill an existing niche in the Bahrain market for logistics space catering to the small to medium enterprise sector.

The appointment of Protiviti as internal auditors will help First Bahrain to better manage business and technology risks and improve on the effectiveness of the organization by reviewing and assessing the day to day operations, company record keeping, risk assumptions made and the company's investments.

Mr. Amin Al Arrayed, General Manager of First Bahrain, commented: "First Bahrain have chosen to appoint Protiviti as internal auditors because the current climate makes it essential to be proactive in risk management. The appointment is also indicative of the way we do business, maintaining high standards of corporate governance and transparency in our practices. Despite the global economic down turn, we have maintained strong financials and the 2009 outlook is relatively good. Plans for our initial public offering later this year continue and we are taking steps to maximise our value to current and potential shareholders."

Mr. Sanjeev Agarwal, Managing Director of Protiviti's member firm for Middle East commented: "Protiviti has a track record of bringing "Powerful Insights" to meet client needs, and a "Proven Delivery" model that is the hall mark of every engagement. First Bahrain's proactive approach to risk is a sensible one particularly given the current economic situation. Our services will help First Bahrain assess its processes both internally and on the investment side and will ultimately put the company in a stronger position for the rest of 2009." 

First Bahrain has recently signed with Abdulla Hassan Al Darazi as the main contractor for the project. The first warehouses are due to be delivered in nine months, with the entire project due for completion in 18 months. In addition to the physical warehousing space, the development will boast a range of services that cater to the needs of its tenants including 24 hours a day, seven days a week security service, state-of-the-art information communication technology provisions, assistance on efficient design and use of space, and a range of other value added services.

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About First Bahrain
First Bahrain Real Estate Development Company is an innovative regional real estate developer established in Kuwait in October 2004. The organisation has a paid up capital of KD 31.5 million.

Dedicated to achieving sustainable returns through collaborative relationships, First Bahrain creates enduring value for all stakeholders with a demand-driven investment approach. Operating out of Bahrain and Kuwait, First Bahrain is strategically positioned to execute projects across the GCC, in accordance with the principles of Sharia. 

About Protiviti
Protiviti is a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. The firm assist with finance and transactions, operations, technology, litigation, governance, risk, and compliance. Protiviti's highly trained, results-oriented professionals provide a unique perspective on a wide range of critical business issues for clients in the Americas, Asia-Pacific, Europe and the Middle East.

In 2007, Protiviti was ranked 7th in the BusinessWeek 50 list of best-performing companies and named to the America's Most Admired Companies list by Fortune magazine. Protiviti is a wholly owned subsidiary of Robert Half International Inc. (NYSE: RHI), a global leader in professional services and a member of the S&P 500 index. 

Media Enquiries for First Bahrain
Mark Lawlor
Hill and Knowlton
Tel +973 17533532
Fax: +973 17533370
Email: mark.lawlor@hillandknowlton.com.

Julia Atherton-Dandy
Hill and Knowlton
Tel +973 17533532
Fax: +973 17533370
Email: Julia.dandy@hillandknowlton.com

© Press Release 2009