Naseej and Khaleeji Commercial Bank (KHCB) have signed a memorandum of understanding (MoU) to provide home financing credit facilities for their affordable housing project in Al Madina Al Shamaliya. This deal with one of Bahrain’s leading banks offers property finance solutions for buyers of units in Al Madina Al Shamaliya. The MoU was signed by Naseej managing director Mohammed Khalil Alsayed and KHCB chief executive Khalil Ismail Al Meer, Gulf Daily News reported. The project, launched this year, forms part of Bahrain’s ground-breaking social and affordable housing public-private-partnership (PPP) between the Housing Ministry and Naseej, valued at more than $450 million and involving the development of 2,800 social and affordable homes for Bahraini citizens at Al Madina Al Shamaliya and Al Luwzi. The PPP is a first for the kingdom and also the first of its kind in the GCC. Naseej is offering 367 villas and apartments for sale in Al Madina Al Shamaliya.
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