First Bahrain, an innovative regional real estate developer, has 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 specialising 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.

Amin Al Arrayed, general manager of First Bahrain, said 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,' he noted.

'Plans for our initial public offering later this year continue and we are taking steps to maximise our value to current and potential shareholders,' he added.

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,' he added.

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.-TradeArabia News Service