The need for more affordable housing in Bahrain will be tackled by the launch of a new integrated real estate and infrastructure solutions provider, its bosses have claimed.
Naseej, with an authorised share capital of BD1.8 billion ($4.78bn) and an issued capital of BD180 million, will address the shortfall of cheaper homes in the kingdom, chairman Khalid Janahi said.
Naseej will manage the entire spectrum of the construction and real estate business, from the initial planning stages, to the manufacturing of building materials, financing, and marketing advisory services for developments, Janahi added.
In doing so, it will create unprecedented synergies that will help provide, among other things, affordable housing solutions to the general public, he said in comments published by Gulf Daily News on Monday.
The new company will draw-up engineering plans for real estate projects and will invest, develop, operate and maintain real estate and infrastructure projects.
Sheikh Abdulla bin Khalifa Al Khalifa, vice-chairman, added: "The establishment of Naseej marks an all-important step towards addressing the growing challenges of providing affordable housing for the people of Bahrain."
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.