MANAMA, BAHRAIN – Ithmaar Development Company (IDC), a specialised company in the development and management of major development, real estate and other infrastructure projects, and a wholly-owned subsidiary of Ithmaar Group, announced the appointment of Nayef Nasser Alnasser as a Managing Director of IDC, succeeding Mohammed Khalil Alsayed.

The appointment of Alnasser reflects the Company’s commitment to advancing its strategic plans and continuing to efficiently manage the Group’s assets and real-estate development projects, which in return will support the growth and accelerating expansion of the Company’s real-estate portfolio.

Alnasser has extensive experience and successful record of achievements in the sector, enabling him to effectively lead the Company as a Managing Director. His strong track record in managing investments and diversity assets will contribute significantly to IDC’s continued development in line with the Group’s vision and future plans.

Alnasser will lead the company’s day-to-day operations, support the execution of key projects and introduce new visions and initiatives that will drive the performance of the Company in line with the Group’s long-term objectives. Alnasser will continue his role and responsibilities as Head of Asset and Remedial Management at Ithmaar Bank.

IDC was established in 2007 to develop and manage major development real estate, including Dilmunia, a 1.25 million square metre manmade island off the coast of Bahrain.

About Ithmaar Holding:

Ithmaar Holding B.S.C. (“Ithmaar Holding or Ithmaar”) is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse, and Dubai Financial Market.

Ithmaar Holding owns two wholly-owned subsidiaries Ithmaar Bank B.S.C (closed) (Ithmaar Bank), an Islamic bank subsidiary which holds the core corporate banking business, and IB Capital B.S.C. (closed) (IB Capital), an investment firm subsidiary, which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB.  

Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of institutions. Ithmaar also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan) and locally through Dilmunia Development Fund I L.P.

IB Capital maintains a presence in regional and overseas markets through its investments including in associated companies. These include Bahrain-based Ithmaar Development Company Limited, and Naseej.