Solidarity to insure PPP housing project
Manama, December 2, 2013
Bahrain-based Solidarity General Takaful, a subsidiary of one of Solidarity Group Holding, has announced it will be insuring the region’s first Public & Private Partnership (PPP) housing project in the kingdom.
The housing project which is a partnership between the Ministry of Housing, Naseej and Sharaka for Housing Projects, involves the development of more than 2,800 social and affordable housing units in two strategic locations: Al Madina Al Shamaliya (also known as the North Bahrain New Town) and Al Luwzi.
It is the largest housing project ever to be developed in Bahrain in partnership with the private sector, and at a total project value of $450 million.
Ashraf Bseisu, Solidarity Group chief executive officer said: “Solidarity is honored to have been selected as the exclusive takaful insurance provider for this first of its kind project in Bahrain”. He added “It is a testimony of the reputation Solidarity has earned within the kingdom and sets the stage for continued improvements.”
Naseej board member and managing director, Mohammed Khalil Alsayed said: “We at Naseej are confident that Solidarity is the right takaful insurance provider for this project and we are looking forward for the new partnership.”
Naseej had announced in October this year that it had reached the financial close for the project on September 30.
“Having finalised financing for the PPP, we can now focus on delivering useable housing solutions and contribute to realising the aspirations of the people of Bahrain” added Alsayed. – TradeArabia News Service