Naseej has signed a memorandum of understanding with Bank of Bahrain and Kuwait (BBK) to provide financing solutions for social and affordable housing units currently being offered for sale within the company's Jumana project at Al Madina Al Shamaliya (Northern Town) in Bahrain.

According to the agreement, BBK - one of Bahrain's leading banks and a real estate financing solutions provider - will offer financing plans/solutions to clients wishing to purchase residential units offered by Naseej within Jumana Al Madina Al Shamaliya at special rates, said a report in the Gulf Daily News (GDN), our sister publication.

During the signing ceremony that was held at Naseej's offices at the Bahrain Financial Harbour in the presence of managing director Mohammed Khalil Alsayed and BBK chief executive Abdulkarim Bucheery, both sides agreed on common areas under the framework of the agreement.

The project is part of a public private partnership (PPP) agreement with the Housing Ministry, valued at $450 million, to develop 2,817 social and affordable housing units in Al Madina Al Shamilya and Al Lawzi.

The partnership is also the first of its kind project in Bahrain and the GCC region.

"We are delighted to announce our key agreement with BBK, which is an important milestone of the project, enabling a greater number of clients to gain more access to improved financing schemes to enable them to purchase their homes and in reflection of their financing preferences," Alsayed said.

"We are also grateful for the BBK's continued support and commitment to our project.

"Our key partnership with the Housing Ministry continues achieving milestones as we have now sold the majority of the villas and are continuing to sell the apartments to the entire market, without exceptions."

"It is our pleasure to support the Bahrain government's efforts to find suitable housing solutions for all citizens and solve the growing demand for social and affordable housing in the country," Bucheery said.

"Under this framework, we are also pleased to work with Naseej to offer financing solutions to enable clients to purchase units in Al Madina Al Shamaliya, whereby they can utilise improved financing plans to suit their lending and purchasing power," he pointed out. - TradeArabia News Service