Speaking after the first Naseej, board meeting since the announcement, earlier this month, of a landmark Public Private Partnership (PPP) agreement with the Government of Bahrain to build 3110 social homes and 990 affordable homes within three years, Khalid Janahi, Chairman of the Naseej Board of Directors, said:
“In line with the principles along which Naseej was established, we have directed that the consortium we put together to implement the PPP Agreement will only procure its supplies of goods and services on a competitive and transparent tender process”. “There will be no exceptions,” he added.
Naseej, the only fully-integrated real estate and infrastructure Development Company in the MENA region, was established by prominent private and public sector investors to act as a pioneering catalyst for addressing the region’s affordable housing challenges. Key shareholders include Ithmaar Bank, Gulf Finance House, BBK, Ithmaar Development Company, the Social Insurance Organization of the Kingdom of Bahrain, Khaleeji Commercial Bank, Eskan Bank, Faisal Islamic Bank of Egypt and Palm Capital.
“Transparency and strict corporate governance is at the heart of all Naseej’s business activities” said Christopher Sims, Chief Executive Officer of Naseej. “Our Board approved procurement policies give clear priority, first to our shareholders, then to Bahrain companies and institutions, before considering any regional and international providers of any goods and services necessary for this project or any of our other business activities; provided always that such goods or services are at competitive and open market values . This is vitally necessary to ensure that the national economy and, by extension, the Bahrain public, is as engaged and involved in this project, at every possible opportunity’, he added
“Affordable housing is, arguably, the most pressing socio-economic issue on the national agenda,” said Janahi. “With this historic PPP Agreement – a first of its kind in the GCC region – in place, we have a unique opportunity to demonstrate the tremendous potential of such partnerships – in Bahrain and across the Middle East and North Africa region – and we are determined to use this opportunity to create a blueprint for the future,” he said.
“We will do so by creating value for our shareholders, for the community in which we operate and, most importantly, for the people of Bahrain,” said Janahi. “This is a natural consequence of the very concept of Naseej,” he concluded.