(MENAFN- Arab Times) KUWAIT CITY March 25: Diyar Al-Muharraq a subsidiary of Kuwait Finance House Bahrain (KFH-Bahrain) and the Ministry of Housing signed a major agreement under which the Ministry will purchase 3100 residential units from Diyar Al Muharraq at a cost of BD 276 million to be enrolled in the Ministry's Social Housing Program.
Chairman of KFH-Bahrain Ahmed Alaiban said that Diyar begins construction of Project of 1900 residential units of social housing to be handed over to Housing Ministry. In addition Diyar will construct 1152 residential units where the value of each doesn't exceed BD 120 thousand. Diyar Al Muharraq will undertake financing of all construction works for the project its associated primary and secondary infrastructures and community centers.
Alaiban said 'This major agreement will undoubtedly encourage further cooperation between the public and private sectors to create and promote more housing projects in Bahrain. Therefore this partnership plays the crucial role of assisting the Housing Ministry in attracting more real estate development firms to expand their possible scope of work increase the available Housing options and encourage more citizens to opt for this Housing Services alternative to speed up the waiting process for those on the lists of Housing Services beneficiaries at the Ministry of Housing.'
Moreover he affirmed that KFH-Bahrain plays key role in developing the residential sector and other sectors in the kingdom thanks to its diversified investment and financing activities.
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