Safana Investment Company owns a sea bed property of approximately 868,010 square meters located in the Seef District of Bahrain. The project is being promoted by Al Salam Bank. Deal size is approximately BHD 70.0 million. CMH as a strategic investor acquired shares in the company and sold down part of its investment to its clients.

In January 2007 Safana and another development company (which owns an adjacent property) pooled their resources and subject them to one development project with one master plan. Consequently a new company was formed, North Star Holdings WLL, in May 2007. Subsequently, CMH purchased trust certificates of North Star representing economic interest in the project which was subsequently sold down to its clients.

Based on the results of market research studies, a mixed use development master plan has been formulated with areas allocated for residential, commercial, retail, food & beverages, hospitality, entertainment/leisure activities, as well as a number of public spaces and supporting infrastructure. The latest master plan is under review with the final report expected to be issued in April 2009. Traffic impact assessment has been completed. Dredging and reclamation is expected to commence by May/June 2009 and will run for a period of 12 months. Infrastructure construction is planned to commence in 2010. The official launch of the landmark project is currently planned for April 2009.