Naseej and Ithmaar Holding sign agreement to develop $105mn residential project in Bahrain
150,000sqm project will feature a total 400 units and is targeted at beneficiaries of Ministry of Housing’s Mazaya programme
Naseej, a leading real estate development company in Bahrain, has signed an agreement with Ithmaar Holding to develop a $105 million residential project in the northern governorate area of Barbar.
The project, which will come up on a 150,000sqm area, features a total of 400 units – 300 villas and 100 residential plots – covering the development of the suburb in its entirety.
Senior officials at the signing ceremony added that the project is mainly targeted at the beneficiaries of the Ministry of Housing’s Mazaya programme.
The agreement was signed by Ithmaar Holding CEO Ahmed Abdul Rahim and Naseej General Manager Ahmed Mohammed Al Hammadi at Ithmaar Holding’s headquarters in the Seef District in the presence of Naseej Managing Director Mohammed Khalil Al Sayed and Ithmaar Bank Deputy CEO Abdul Hakeem Al Mutawa.
Located in a quiet area in Budaiya, 400 m away from the Northern Governorate’s north coast, the project will enjoy easy access from main roads and Al Nakheel Highway, said a statement from Ithmaar.
On the key project, Al Sayed said: “This latest addition to our investment and development portfolio is Naseej’s sixth in the kingdom and its second in the northern governorate. We recognise the growing demand for this type of housing and hope to meet it with high quality design, construction, and finishing.”
This project is also in line with Naseej’s ongoing efforts to develop even more residential units across the Kingdom and offer them to a wider segment of its customers, he added.
“It follows the development of more than 2,600 housing units in Salman Town and Al Lawzi in cooperation with the Ministry of Housing at a cost of $450.9 million,” he added.
According to Al Sayed, the Barbar project is also in line with Naseej’s strategy to seek out projects that are in high demand and with business viability.
“The company has considerable experience in developing housing units in the kingdom, including the completed Yasmeenat Saar, Basateen, a Public-Private Partnership (PPP) project with the Ministry of Housing, Canal View at Dilmunia, and other projects falling under a range of housing categories,” he added.
According to him, Naseej’s partnership with the public sector is a major contributor of housing units to government housing programmes beneficiaries, helping to alleviate the pressure faced by the Ministry of Housing.
“It also helps meet growing demand for housing units in line with the directives of Bahrain’s senior leadership, the objectives of Bahrain Economic Vision 2030, and the Kingdom’s sustainable development strategy. The partnership enhances the role of the private sector in the country’s developmental process,” he added.
Abdul Rahim said Ithmaar was proud to support Bahrain’s strategy for affordable housing, in association with its partners, Naseej.
“Our subsidiary, Ithmaar Bank will be providing all beneficiaries competitive, flexible sharia-compliant financing as per our arrangements with the Ministry of Housing. These homes will help meet the growing demand for high quality housing in the kingdom,” he stated, adding that the homes are being designed according to the tastes of young Bahraini families, including their requirements for privacy.
“They will provide a sense of community to the future residents and also include all the necessary amenities to ensure a comfortable and secure lifestyle,” he added.
Al Hammadi said Naseej’s broad development experience ensures high standards and quality in the project’s execution, while also taking into consideration Bahraini citizens’ unique requirements and privacy needs.
“The Barbar housing project will include residential units with modern designs, and the material used in its construction will be in accordance with the highest construction standards,” explained the top official.
“This is in line with our support for the development of the Kingdom by providing housing units that meets the aspirations of all Bahraini citizens seeking home ownership,” he concluded.
