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Naseej secures funding for affordable housing project

Bahraini developer Naseej Properties has announced construction is soon to start on thousands of new affordable homes following the securing of $450m (BD169.7m) funding for the kingdom’s first public-private partnership (PPP) housing project from Ithmaar Bank, Gulf Daily News has reported. “The construction of more than 2,800 social and affordable housing units in Al Madina Al Shamaliya (also known as the North Bahrain New Town) and Al Luwzi will now get underway,” Naseej chairman Khalid Abdulla Janahi told the daily. The vast majority of the homes to be built, more than 2,400, will be social housing units for the housing ministry. The remainder 367 will be of two kinds, apartments and villas, to be sold in the open market.