Dubai: Bahrain Government has awarded Nassej, a local leading real estate and construction company, a $551 million (Dh1.83 billion) contract to build 4,000 affordable housing, after months of social unrest - part of the Arab Spring.
"Acting on a National Dialogue recommendation to collaborate more with the private sector on infrastructure projects, Bahrain yesterday signed a contract with an independent company to build more than 4,000 low-income homes over the next three years," a government statement said.
The deal, signed with Nassej, will develop the Northern City, Al Buhair and Al Lawzi housing projects. More than 3,000 of the homes will be social housing units, in an effort to lessen the housing shortage in the country.
"We certainly want to use our own resources in mega developmental projects and encourage private sector and local investors," Housing Minister Basem Al Hamer said.
The recent social unrest has shaken up the Gulf state, following which the government has launched a national dialogue with the protesters to improve the living condition of Bahraini people.
"This agreement is considered the biggest of its kind in the ministry's history in terms of the number of housing units to be built in partnership with the private sector, as part of a series of innovative solutions through which the ministry aims to reduce waiting lists."
Additionally, plans for building 4,000-5,000 extra housing units in East Hidd Town are underway, he said.
