Naseej B.S.C., real estate development company in the Kingdom of Bahrain, signed an agreement with Ithmaar Holding to develop a residential project in the Northern Governorate area of Barbar, Bahrain.
The value of the project is around BHD40 million. (USD 106,382,978).
The agreement, which will provide 100 residential plots in addition to 300 villas, covers the development of the suburb in its entirety. It will target Bahrainis, especially the beneficiaries of the Ministry of Housing’s Mazaya programme. Located in a quiet area in Budaiya, 400 meters away from the Northern Governorate’s north coast, the project enjoys easy access from main roads and Al Nakheel Highway. Further details about the project will soon be announced, including the project’s brand identity.
The project will have an area of approximately 150,000 sqm.
The agreement was signed by Ithmaar Holding Chief Executive Officer, Ahmed Abdul Rahim and Naseej General Manager, Ahmed Mohammed Al Hammadi at Ithmaar Holding’s headquarters in the Seef District. The event was attended by Naseej Managing Director, Mohammed Khalil Al Sayed, and Ithmaar Bank Deputy CEO, Abdul Hakeem Al Mutawa.
Naseej Managing Director, Mohammed Khalil 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.”
Ithmaar Holding CEO, Ahmed Abdul Rahim said: “Ithmaar is proud to support the Government of Bahrain’s strategy for affordable housing, in association with our partners, Naseej.
Read Also: Bahrain awarded Al Lawzi Housing Project
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