Bahrain-based Ithmaar Bank has successfully led a consortium of regional institutional investors to launch Naseej, a fully integrated infrastructure and real estate development company designed to meet the housing needs of the people of Bahrain. Naseej will service the entire value chain of the real estate and construction industry and usher in an era of change for the region's construction sector which is set to reap the benefits arising from the company's economies of scale.
It will cover the entire development, construction and real estate functions from importing building materials all the way to offering mortgages.
The bank has been planning the venture for more than a year and the development will include Naseej buying and manufacturing its own building materials and it plans to open a special deep water facility at Shaikh Khalifa port to allow large ships bring cement to Bahrain rather than have them arrive in lorries across the causeway.
The new company has an authorised capital of BD2 billion and paid-up capital of BD300 million, but Ithmaar Bank chairman Khalid Abdulla Janahi, said that it could raise a lot more money in the near future as the potential for the market was immense.
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