Wednesday, January 04, 2012

Bahrain: Bahrain Signs $551 Million Deal with Private Sector to Provide Affordable Housing

SOURCE Kingdom of Bahrain

Acting on a National Dialogue recommendation to collaborate more with the private sector on infrastructure projects, Bahrain yesterday signed a contract with an independent company to build more than 4,000 low-income homes over the next three years.

"We certainly want to use our own resources in mega developmental projects and encourage private sector and local investors," Housing Minister Basem Al Hamer said.

The deal, signed with leading real estate and construction company Nassej, will develop the Northern City, Al Buhair and Al Lawzi housing projects. More than 3,000 of the homes will be social housing units, in an effort to lessen the housing shortage in the country.

"This agreement is considered the biggest of its kind in the ministry's history in terms of the number of housing units to be built in partnership with the private sector, as part of a series of innovative solutions through which the ministry aims to reduce waiting lists," Minister Al Hamer said.

Additionally, plans for building 4,000-5,000 extra housing units in East Hidd Town are underway, he said.