First PPP forum held in Manama today by Ministry of Works & Housing and Eskan Bank

The role of Eskan Bank was highlighted at the forum, as it has been commissioned by the Ministry of Works & Housing to design and structure the financing packages for these projects.

The forum, the first of its kind in the Kingdom, marks a sea-change in the Government's approach towards cooperation with the private sector, by providing the financial resources for these new housing projects of the highest standards, to meet the increasing demands from the locals.

The forum addressed a number of issues, including the names and nature of the planned projects, as well as their prospective locations and costs. Also discussed were current opportunities for Public Private Partnerships to develop a residential project of 1,000 new affordable homes in northern Muharraq.

Work will start on the project this summer, with residents moving in by the end of 2008. More than 5,000 people will be given homes in this community which will include townhouses and apartments for families, as well as schools, mosques, parks and play areas and a commercial complex. It will specifically address the housing needs of lower and middle income families.

During his speech, HE Mr Fahmi Bin Ali Al Jowder, told the audience of senior members from the banking and construction sectors, as well as leading figures for the Government:

'The Ministry of Works & Housing will design multi-million BD housing projects as part of its broad strategy to provide thousands of homes for Bahraini citizens. This plan will certainly minimise the waiting list for the housing services.

'The Ministry of Works & Housing has a well-researched and clear vision to provide the best social services for Bahrain's citizens, and Public Private Partnership forms a major part of this strategy.'

Also addressing the audience was: General Manager of Eskan Bank, Mrs Sabah K Almaoyyed; Mr Mohammed Khalid Al Sayeed, Assistant Undersecretary at the Ministry of Works & Housing; and Mrs Zeeba Asker, Corporate Finance Manager at Eskan Bank.

General Manager of Eskan Bank, Mrs Sabah Almoyyed, said: 'Eskan Bank is looking forward to making an active contribution towards the Government's housing strategy and vision. We also aim to support every effort to provide affordable homes for the citizens of our beloved country.

'As the dream of home ownership is so dear to all citizens, Eskan Bank will play a leading role in cooperation with the Ministry of Works & Housing and the Ministry of Finance to realise their dreams. Financing packages and support systems have been arranged to help people cover the mortgage payments, and ease the various forms of previous suffering. In addition, these tools will be developed according to Islamic finance structures, meeting the highest international standards,' she added.

The forum was held in the Al Ghazal ballroom at the Ritz-Carlton Bahrain Hotel & Spa. It addressed the existing opportunities to contribute to the huge housing projects that are being planned to provide affordable homes for Bahrainis.

Representatives from private sector companies who wish to know more about the opportunities to work in partnership with the public sector are encouraged to contact Mrs Zeeba Asker or Jawad Nasser at Eskan Bank.