Naseej shareholders endorsed the company's strategic priority to address the affordable housing needs of Bahrain at its second annual meeting.

'As a Bahrain-based company, we are committed to contributing to the social well-being and economic prosperity of the kingdom,' said Naseej chairman Khalid Janahi.

'One of the key founding objectives of Naseej is to act as a pioneering catalyst for addressing the affordable housing needs of Bahrain - arguably the most pressing socio-economic issue on the national and the regional agendas.

'I am therefore delighted to report that during 2010, Naseej was selected as the preferred bidder for Bahrain government's groundbreaking public-private-partnership (PPP) social and affordable housing project, a first for the country and the GCC region,' he added.

He highlighted the development of a corporate strategy, supported by an appropriate business plan and investment methodology, which reinforces the company's demand-led and value-generation approach to all business dealings and transactions.

'Primarily, this strategy seeks to establish a balanced property portfolio comprising both development and investment properties, with Bahrain as its central focus, allied to complementary activities in the Middle East and North Africa region and Europe,' he said.

'At the heart of this strategy is a well-defined commitment to social responsibility that will support the future development and prosperity of those communities we seek to serve in Bahrain and elsewhere,' he added.

Naseej recorded an income of BD3.5 million ($9.2 million), which was attributable to placements with banks.

After total expenses of BD1.1 million, the company reported a net profit of BD2.4 million.

At the end of 2010, total assets stood at BD111.1 million, while total equity was BD110.8 million.

Janahi formally welcomed Christopher Sims, who was appointed chief executive officer in April last year.

'Sims brings with him a successful track record of over 25 years in international and regional property development and investment,' he said.

'In a very short space of time, he has already begun to translate our company's vision into a tangible reality,' he added.

'Last year has been most productive one, during which we made excellent progress in establishing the company's institutional capability,' he said.

'We are well on the road to becoming recognised as an integrated property organisation within Bahrain and the region. This bodes well for our stated objectives of a public listing and a possible initial public offering on Bahrain Bourse during 2012.

'Differentiated by our pragmatic, innovative and ethical approach, we aspire to deliver value-driven solutions that will provide prosperity for those communities in which we operate,' he said.

'With the accumulation of our successful start-up operations continuing to gather momentum, we are poised to spring forward into a bright and profitable future,' he added.-TradeArabia News Service