Naseej has signed a partnership agreement with Ithmaar Holding to develop a BD40 million residential project in the Barbar area of the Northern Governorate on an area of about 150,000 square meters.
The partnership agreement was signed at Ithmaar Holding's headquarters in Seef suburb by Mr. Ahmed Abdulrahim, CEO of Ithmaar Holding, and Mr. Ahmed Mohammed Al Hammadi, General Manager of Naseej, in the presence of representatives of both companies and executive management members, Mr. Mohammed Khalil Al Sayed, Managing Director of Naseem, and Mr. Abdul Hakim Al Mutawa, Executive Vice President of Ithmaar Bank.
The partnership agreement includes the provision of 100 housing vouchers in addition to 300 residential villas, and the development of the suburb of the project as a whole, and the project targets Bahrainis, particularly the beneficiaries of the "Mazaya" program. The project is distinguished by its location in a quiet rural/agricultural area in Budayaa, about 400 meters from the north coast of the northern Governorate, and is characterized by easy access to the project via the main roads and Nakheel Avenue. Details of the project will be announced with the identity and name disclosed in the coming period.
Mr. Mohammed Khalil Al Sayed, Managing Director of Naseem, said: "Barbar 6th Development Project for Naseej in The Kingdom of Bahrain and the Second in the Northern Governorate is a new addition to Naseej's investment and development portfolio. "This project is aware of the growing demand for this category of housing units in the northern Governorate, and we hope to meet the demand rates with high benefits in terms of construction, finishing, design and decoration."
Mr. Mohammed Khalil added: "The Barbar project is in line with Naseej's ongoing efforts to develop more housing units across the Kingdom and provide them to a larger segment of citizens, which is a continuation of its success in developing more than 2,600 housing units in Madeenat Salman and Al-Luzi in partnership with the Ministry of Housing at a cost of BD170 million. The Barbar project is part of Naseej's well-studied plans to select projects with growing market demand and economic viability. The company has gained extensive experience in the development of residential units in the Kingdom through existing projects, which we have completed, such as Yasminat Saar, BASATEEN Project, the Partnership Project with the Ministry of Housing, the CanalView project on Dilmunia Island and other housing projects covering all categories." Mr. Mohammed Khalil continued: "Naseej's partnership with the public sector is vital in contributing a significant and effective role to providing housing units to beneficiaries in order to reduce the pressure on the Ministry of Housing and meet the growing housing demands, consistent with the guidance of the wise leadership and the objectives of Bahrain Economic Vision 2030 and the Kingdom's strategy to achieve sustainable development and maximize the contribution of the private sector to the development process."
Mr. Ahmed Abdulrahim, CEO of Ithmaar Holding, said: "Ithmaar Holding is proud to have played an active role in supporting the Government of Bahrain's strategic strategy to provide affordable housing in collaboration with Naseej. As part of our agreement with the Ministry of Housing, we are also pleased to provide many affordable sharia-compliant mortgage options through our subsidiary, Ithmaar Bank. This new project will help meet the growing demand for high quality housing units in the Kingdom, as it will be designed in accordance with the requirements and tastes of young Bahraini families, taking into account privacy. The project will also provide residents with a harmonious community atmosphere, as well as amenities to ensure that everyone enjoys a safe and elegant lifestyle."
Mr. Ahmed Al Hammadi, General Manager of Naseej, said the company's rich experience and extensive knowledge in this field is reflected in ensuring the best implementation of this project in line with the needs and privacy of Bahraini citizens. Al Hammadi explained: "The residential project in Barbar, which will be developed by Naseej, will house residential units with modern designs, and the raw materials used in their construction will be in line with international standards adopted in the construction of houses. This is part of our commitment to contribute to the development of the civilized face of the Kingdom of Bahrain by providing housing projects that live up to the aspirations of all Bahraini citizens seeking to own the house of a lifetime."