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Ithmaar Bank has led a consortium of regional institutional investors to launch Naseej, with an authorised capital of BD2 billion and paid-up capital of BHD300 million.
As the first fully integrated infrastructure and real estate development company in the Middle East, Naseej is set to usher in an era of change for the region's construction sector which is set to reap the benefits arising from the company's economies of scale. Naseej is planned to carry out the following activities:
Development and construction services;
Manufacturing and importing building materials;
Facility management services;
Mortgage services;
Real estate planning & consultancy services;
Marketing services.
Sixty per cent of Naseej's initial paid-up capital will be contributed by the company's founding shareholders: Social Insurance Organisation, (the merged entity of the Pension Fund Commission and General Organisation of Social Insurances), Al Safat Investment Company, BBK (Kuwait), Eskan Bank, Palm Capital SPC, Venture Capital Bank, Global Investment House (Kuwait), Shamil Bank and Ithmaar Development Company.
The shareholders will raise the remaining 40 per cent of Naseej's capital through an initial public offering (IPO) that will be listed on the Bahrain Stock Exchange later this year.
