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Leading retail operator brings new community retail concept to residential development project

Manama. Kingdom Of Bahrain, 17 May, 2006: Riffa Views, the property development company based at Riffa Golf Club, has struck a BD5m joint venture agreement with Seef Properties to design, build, and manage The Riffa Retail Centre, a new community retail facility that will provide shopping, entertainment and dining as part of the planned new Riffa Views development.

The Riffa Retail Centre will feature three zones with a 'high-end' supermarket and a complement of up to 15 retail units providing a quality range of products and services that will include a pharmacy, dry cleaning and ATM banking. A food court will offer a selection of well-known regional and international food outlets and a Magic Island children's entertainment facility.

Designed to blend with the overall theme of the Riffa Views development, and housed within 13,000 square meters of retail space, with parking facilities largely under protective shade.

Once open, the Centre will be managed by Seef Properties, the leading Bahrain-based developer and operator of high quality shopping malls and retail outlets, which also operates Bahrain's highly successful Seef Mall.

Welcoming the agreement with Seef Properties, Yasser Abdulla, Managing Director of Riffa Views said: "As a leading retail operator in Bahrain, Seef Properties has a wealth of expertise and experience that will enable it to make an invaluable contribution to the Riffa Views project. Our teams will be working closely together with Seef Properties to develop a new and exciting community retail concept that will be the first of its kind in the Kingdom."

"Riffa Village Retail Centre will enhance and reinforce the neighbourhood ambience at Riffa Views by providing a range of up-market amenities and conveniences designed not only to make life easy, but which will also fulfill a social purpose as a meeting place. This will be village shopping at its very best providing a safe environment for family entertainment and featuring indoor/outdoor dining that will make an art of pavement café society."

According to Paul de Nicola, Chief Executive Officer, Seef Properties, a selection of international consultants will shortly submit tender design plans for the Centre as the first step in the construction process, with the project set to extend over an18 month period, starting in 2006. He said: "This is an exciting opportunity to work with Riffa Views in developing a new neighbourhood shopping concept that will add an enormous appeal to the development for potential residents."

The Riffa Views development features 900 high quality villas reflecting a combination of Middle Eastern, modern and Mediterranean architectural influences set in a sprawling lush green 200-hectare site adjacent to the Awali community, and just 20 minutes drive away from the capital, Manama.

Additional plans for the development include a comprehensive range of facilities including a new 18-hole PGA championship course; an international standard Country Club offering residents and members indoor and outdoor sporting facilities; an international school managed by International School Systems (ISS) a global operator of educational facilities based in Virginia, USA; and two mosques.

Freehold ownership is available for all nationalities along with renewable residence visas to those nationalities that require visas.

About Seef Properties (SP)

Seef Properties (SP) was established in 1999 and has an extensive portfolio of projects, which involve developing, owning, managing, maintaining and leasing over 700 commercial/retail units. SP currently owns and manages Seef Mall, Bahrain's leading and largest shopping mall, Isa Town Mall, Magic Island, the island's leading indoor Family Entertainment Centre, and other smaller properties in towns and residential areas.

The two new projects under its supervision are the West Expansion Project and the West Expansion Tower Project at the Seef Mall. These projects are expected to be operational in Summer 2006 and April 2007 respectively.

Issued on behalf of Riffa Views by Hill & Knowlton.

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