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FINANCIAL NEWS
Bahrain’s govt signs USD550m public housing deal
01 Feb 2012
(MENAFN) Bahrain’s housing minister, Basim bin Yacob Al Hamer, said that the government inked a USD550 million deal with Naseej, a Bahrain-based developer, to construct public housing in the country, reported The National.
Al Hamer added that under the contract, the firm would build 4,100 homes in Northern City, Al Buhair and Al Lawzi, of which 3,110 would be taken over by the government for social housing.
He also said that in order to accelerate the development of housing projects in the country, the government would explore more public-private partnership (PPP) deals, adding that Bahrain would provide the land and basic infrastructure, whereas Naseej would sell 990 apartments and villas at affordable pricing levels.
It is worth noting that developers in Bahrain have usually focused on luxury projects, although 86 percent of the Bahraini population earn below USD1,060 a month.
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