Mubasher: The Bahrain-based Ithmaar Holding has reached an agreement with Naseej to establish a BHD 40 million residential project in the northern governorate area of Barbar.

Spanning over around 150,000 square metres, the project will include 100 residential plots and 300 villas, according to a press release on Wednesday.

With easy access from main roads and Al Nakheel Highway, the project will target Bahrainis, namely the beneficiaries of the Ministry of Housing’s Mazaya programme.

Naseej Managing Director,  Mohammed Khalil Al Sayed, said: "This latest addition to our investment and development portfolio is Naseej’s sixth in the Kingdom and its second in the Northern Governorate."

The CEO of Ithmaar Holding, Ahmed Abdul Rahim, remarked: "Our subsidiary, Ithmaar Bank will be providing all beneficiaries competitive, flexible Sharia-compliant financing as per our arrangements with the Ministry of Housing."