Bahrain's Ithmaar, Naseej sign deal to build $106mln housing in kingdom

Project includes 300 villas, 100 residential plots for Bahrainis

  
Image used for illustrative purpose. One of the last pre-cast concrete panels, is lifted onto the top of the The Breaker in Manama, May 7, 2014.

Image used for illustrative purpose. One of the last pre-cast concrete panels, is lifted onto the top of the The Breaker in Manama, May 7, 2014.

REUTERS/Hamad I Mohammed

Bahrain’s Ithmaar Holding has signed an agreement with a real estate company to develop a residential community with 300 villas.

The deal with Naseej also covers 100 residential plots that will benefit Bahrainis, particularly the beneficiaries of the Ministry of Housing’s Mazaya programme, Ithmaar said in a bourse filing on Wednesday.

The project, with an estimated value of 40 million Bahraini dinars ($106 million), will be developed in a 150,000-square-metre site in the northern governorate area of Barbar, about 11.8 kilometres from Manama.

It is one of the latest private sector initiatives that seek to support the government’s strategy to provide affordable housing to its citizens.

As part of its economic diversification efforts, Bahrain had earlier launched a national plan, the Economic Vision 2030, that aims to boost private sector growth and investments in affordable housing and infrastructure, among others.

Growing demand

“Ithmaar is proud to support the government of Bahrain’s strategy for affordable housing,” said Ithmaar Holding CEO Ahmed Abdul Rahim.

Abdul Rahim said the project will meet the growing demand for high-quality housing in the kingdom.

“They will be 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 will include all the necessary amenities to ensure a comfortable and secure lifestyle,” said Abdul Rahim.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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