Ithmaar Holding, Naseej to Develop BHD 40 Million Residential Project; Shariah-Compliant Financing by Ithmaar Bank

Ithmaar Holding has signed an agreement with Bahrain-based real estate development company Naseej to develop a BHD 40 million (USD 105 million) residential project in Barbar, according to media reports.

The project, which consists of 300 villas and 100 residential plots encompassing 150,000 square meters is targeted at the beneficiaries of Bahrain’s Ministry of Housing’s Mazaya programme.

The agreement was signed by Ahmed Abdul Rahim, Chief Executive Officer (CEO) of Ithmaar Holding, and Ahmed Mohammed Al Hammadi, General Manager of Naseej, and was witnessed by Mohammed Khalil Al Sayed, Managing Director of Naseej and Abdul Hakeem Al Mutawa, Deputy CEO of Ithmaar Bank.

According to Al Sayed, this is Naseej’s sixth project in Bahrain, and i...