Board Meeting no. (8/3/2024) on November 27, 2024

The Board of Directors held its meeting no. (8/3/2024) on Wednesday, November 27, 2024 at 5:00 pm at the headquarters of the Riffa Views Company, and issued its decisions according to the items below:

1. Approval of Meeting Minutes No. 7/3/2024 held on November 5, 2024

The Board approved the previous meeting minutes.

2. Monthly Report from the Association Manager for October 2024

The Association Manager presented the monthly report for October 2024, and members raised some comments that were addressed by the Association Manager.

3. Output from the Second Social Meeting for Riffa Views Residents on November 25, 2024

The Association Manager presented a report on the feedback and suggestions received from the Riffa Views residents who participated in the second social meeting held on November 25, 2024, at the Royal Golf Club. After discussion, the Association Manager was assigned to study the following comments and provide the Board with his opinion on them:

1. Attracting talents and utilizing their experiences and knowledge through the implementation of targeted programs and events.

2. Creating pigeon and bird houses in the communal gardens to reduce their waste.

3. Solving the increasing problem of dog waste in communal gardens.

4. Designating specific areas for pet dog walks in some of the communal gardens.

5. Sorting and collecting waste to encourage residents to recycle, especially plastic waste.

6. Removal of poisonous trees.

7. Identifying locations for installing commercial advertisements to support the budget.

8. Launching events and activities for adults.

9. Establishing a dedicated fitness center for Riffa Views residents.

10. Utilizing the new Garden Area park for events and activities, and allocating a budget for its optimal use.

11. Building padel and tennis courts.

12. Building public libraries and study rooms equipped with hospitality services.

13. Developing Garden Gate from a one-way to a two-way access to ease traffic flow and improve vehicle control systems at the main gates.

14. Improving and upgrading the older communal gardens.

15. Proposing the installation of Road Tunes strips in certain internal streets to alert drivers to reduce speed.

4. Event and Decoration Tender for 2024-2025

The Association Manager presented the technical and financial report on the event and decoration tender for 2024-2025. The Association Manager indicated that on September 25, 2024, invitations were sent to the following companies to participate in the tender:

1. Alhan Events

2. Clockwork

3. Pro Team Events

4. Sun Kids Fun

5. Sweetest Days Parties

6. Eventy Star Media

On October 15, 2024, offers were received from all participating companies (in sealed envelopes), except for Sweetest Days Parties, which did not submit an offer. On October 22, 2024, the offers were opened at the Riffa Views Office meeting room.

The Association Manager presented the technical and financial evaluation of the tenders based on the specifications outlined in the Request for Proposals (RFP). It is noteworthy that the invited companies were chosen because of their extensive experience in managing events and festivals across Bahrain.

After discussion, the Board approved awarding the tender to Alhan Events as they submitted the best technical and financial offer.

5. Opening Investment Deposits at the Ahli United Bank and Bahrain Islamic Bank

The Association Manager informed the Board that he had received the necessary forms from Ahli United Bank to open investment deposit accounts and was still awaiting a response from Bahrain Islamic Bank. After discussion, the Board approved opening an account at Ahli United Bank and assigned the Association Manager to expedite the opening of an account at Bahrain Islamic Bank.

6. Principles for Preparing the 2025 Association Budget

The Association Manager presented a brief report on the general assumptions for preparing the 2025 association budget, covering the following:

- Costs and revenues are based on contracts signed with service providers.

- The reserve fund follows the model established from the beginning, calculating a percentage incrementally to reach a balance of 10 million Bahraini Dinars by the end of the twentieth year. The current balance as of the end of 2023 is 860,000 Bahraini Dinars.

- Additional built-up areas are considered as additional revenues, not included in the service fees.

- Depreciation expenses were added this year due to asset transfer to the Riffa Views Owners Association.

- Operating expenses increased by 40% due to the introduction of credit card payment systems, which account for 1.8% of the total budget.

- Discount expense represents 1.2% of the total budget, based on last year’s estimates.

- Regarding the basis for built-up areas, service fees are charged at 100% for all built units, and 20% is charged on proposed areas for undeveloped land (vacant plots).

The Board discussed two options for calculating the service fees:

1. Calculate fees based on the total budget for the original built-up areas.

2. Calculate fees based on the net budget for the original built-up areas.

After the discussion, the Board assigned the Association Manager to:

- Prepare a proposal to change the methodology of the incremental reserve to a fixed value to limit the increase in annual service fees.

- Circulate the proposed 2025 budget to the Board members.

- Revisit this item in the next meeting for final budget approval, keeping the service fees at the current rate.

7. Memorandum of Understanding Regarding the Transfer of Fixed Assets from RV Real Estate to the Association

The Association Manager reported that all comments requested by the external auditor, KPMG Fakhro, had been sent to enable the auditor to provide his opinion on the memorandum for transferring fixed assets. The Board will be updated on this matter in the next meeting.

8. Preparations for the Sixth Annual General Meeting in 2025

The Association Manager presented his proposal for the date of the sixth Annual General Meeting based on the last meeting held on April 27, 2024. According to the regulations, the Annual General Meeting is held annually, one year after the previous meeting.

After discussion, the Board agreed to hold the meeting on Saturday, May 10, 2025, in the morning.

9. Any Other Business

The Board did not discuss any other topics under this item.

The meeting ended at 7:15 p.m.