Naseej launches three new residential projects in Bahrain

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Three new residential developments will add to Naseej’s current portfolio valued at BD218.4 million ($580.8m) that it has delivered over the last 10 years.

Announcing Nasayim Arad, BarBar and the Investment Lands Project as its latest ventures, the company said it has built more than 2,981 homes across Bahrain, ranging from social and affordable, to medium and high-end residential units.

Comprising a combination of villas and land plots for sale at competitive prices, Nasayim Arad is targeted at beneficiaries of the Housing and Urban Planning Ministry’s social housing schemes.

Located in Arad, the seafront development overlooks the fort and bay, and is within walking distance of Seef Mall Muharraq.

Also in close proximity are the Bahrain International Airport, retail areas, hospitals, school and sports clubs.

As part of the design and development of the Nasayim project, Naseej plans to incorporate smart home technology into the homes. This will allow residents to make future enhancements to their homes that can reduce waste, water, energy, and cooling usage.

Work is well underway with Al Ansari Engineering Consultants contracted to design and implement the infrastructure works related to the villas.

The eighth project to be developed by Naseej in the kingdom is the Barbar development, located in Barbar-Budaiya within the Northern Governorate.

Spread over an area of 150,000sqm, the project will also comprise of land plots and residential villas and is meant for the social housing scheme beneficiaries.

In 2021, Naseej and its joint venture partner Ithmaar Holding Company signed a partnership agreement to develop the project, which is expected to be completed in 2024.

The Barbar development project is part of the company’s well-studied plans in selecting affordable housing projects in key areas in Bahrain where the demand exists.

Naseej is also planning to launch a new mixed-use development near the main access of Amwaj Islands.

The project will cover an area of 125,000sqm and will have a larger portion allocated for residential villas and units. The development will also have a land sale component.

The area is home to several key developments and facilities, such as the International School of Choueifat, New Amwaj Cinema, and retail component.

It also has developed infrastructure and roads that provide easy access to Amwaj, Dilmunia Island, and Muharraq.

The project is expected to be completed in 2024.

According to Naseej chairman Shaikh Hamad Mohamed Al Khalifa, the company is committed to strengthening its partnerships with various governmental and private institutions given its past experience with a successful public-private partnerships (PPP) delivery.

It was the first company to enter into a PPP agreement with the public sector in Bahrain in 2010.

He also highlighted the company’s experienced board of directors and professional and skilled management team, who are experts in the field of real estate development.

Moreover, Naseej has a solid shareholder base, excellent liquidity position, and an annual positive income.

The developer has also achieved several international recognitions through outstanding achievement awards in the areas of real estate and development excellence.

With the appointment of Amin Al Arrayed as the new chief executive, Naseej is set to broaden its horizons for future growth and prosperity and applying the best management practices to achieve greater returns.

Speaking about the appointment, Shaikh Hamad said, “We are confident that Mr Al Arrayed’s exceptional experience and professional background in banking, real estate development, and investment will help Naseej achieve even greater success. We have an ambitious business model with a defined strategic vision to position Naseej as the leading real estate and development company in the kingdom. We believe that the new appointment and our defined approach will help us achieve our goals and play a vital role in the growth and prosperity of the real estate sector and sustainable development in Bahrain’s economic growth.”