Naseej to offer more housing solutions for Bahrainis
Manama, April 3, 2014
Naseej made excellent progress during last year in carrying out the social mandate of its founders to provide Bahraini citizens with quality affordable housing, said its chairman Khalid Abdulla Janahi.
He was addressing shareholders at the fifth Annual General Meeting (AGM) of Naseej, Bahrain's first fully-integrated real estate and infrastructure company, which was held yesterday at the Capital Club, Bahrain Financial Harbour, reported the Gulf Daily News, our sister publication.
"The key highlight of the year was the financial closing for Bahrain's social and affordable housing public-private-partnership (PPP),'' Janahi said.
''This development takes the shared vision of the Housing Ministry and Naseej closer to reality, and will deliver a meaningful solution to Bahrain's housing challenges.
"I would, therefore, like to congratulate the people of Bahrain for this ground-breaking milestone, through the commitment of Housing Ministry to provide Bahraini citizens with affordable homes in partnership with the private sector,'' he added.
Naseej reported total income of BD4.18 million last year compared with BD4.47m in 2012.
Total expenses rose slightly to BD2.01m from BD1.92m the previous year, resulting in a net profit of BD2.17m compared with BD2.55m for 2012.
At the end of last year , total assets had grown to reach BD118.23m, while total equity had increased to BD117.36m.
Janahi announced some changes to the board during last year.
"On behalf of myself and the board of directors I would like to thank the outgoing directors Mohammed Bucheerei representative of Ithmaar Bank and Sabah Almoayyed, representative of Eskan Bank for their valuable contributions over the past few years.
"We welcome Abdulhakeem Al Mutawa and Dr Khalid Abdulla as new board members, who bring with them a wealth of experience," added Janahi.
Key agenda items for the meeting included shareholders' approval of the minutes of the fourth AGM and discussion and approval of the director's report of operations, the auditors' report and financial statements for last year.
Naseej managing director Mohammed Khalil Alsayed briefed shareholders on the progress of company's property development projects in Bahrain.
''The signing of a $450 million finance deal with Ithmaar Bank for the PPP project has enabled the development to start on 2,800 social and affordable housing units at Al Madina Al Shamaliya (also known as the North Bahrain New Town) and Al Luwzi,'' he said.
"A first for Bahrain and also the GCC region, the PPP constitutes the largest housing project ever to be developed in Bahrain with the private sector.
"It will contribute to relieving the kingdom's housing shortage and help to shorten the waiting time by citizens for homes.
"Naseej is fully committed to addressing the affordable housing needs of the kingdom, which form a critical part of the social agenda of the National Economic Strategy and Economic Vision 2030," added Mr Alsayed.
The company's second project in Bahrain - Yasmeenat Saar - entails the construction of 32 villas targeted at Bahraini nationals in the mid-income bracket.
The development offers quality homes and amenities at a prime location and competitive prices.
"Naseej has signed an agreement with Mohamed Salahuddin Consulting Engineering Bureau for design and construction supervision services, following a strictly competitive and highly-transparent tendering process," he said. Naseej is also a partner in a new social housing finance plan signed between the Housing Ministry and the private sector.
The project, inaugurated by Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa, gives eligible candidates the option to move off the housing waiting list and buy a house either off-plan from an approved list of private developers, or ready-made from the developer of their choice.
Purchases will be financed through an agreement between the ministry and four local participating banks.
"We applaud and support the government's initiatives and incentives to stimulate greater participation by the private sector and encourage property development companies, contractors and financial institutions to engage in the construction of social and affordable housing in the kingdom," he added.-TradeArabia News Service