PPP for Social Housing signed in Bahrain
Date
January 05, 2012
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The Ministry of Housing of the Government of Bahrain and Naseej signed on Jan. 2 the Project Agreements for the Bahrain Affordable Housing PPP Project.
Al Luwzi Site. One of the three components of the PPP Project. Jennings O'Donovan
The project involves the delivery of more than 4100 housing units of which 3110 alone are social housing units with a total cost in excess of US$550 million.
The consortium includes:
- Ithmaar Development Company as the Development Manager,
- Chase Manara BSC as the main contractor which is a JV between a leading Malaysian contractor and a Bahraini company,
- AECOM as the Master Planners,
- URS/Scott Wilson and Ansari Engineering Services as the Infrastructure Designers,
- AECOM/Ansari Engineering Services as the House Building Designers and
- Davis Langdon as the Cost Consultants.
Mr. Alsayed, member of the Board and CEO of Ithmaar Development Company, the Development Manager for the PPP Project, said during the ceremony:
The signing is the result of "several months of hard work and negotiations by both sides with the active involvement of PricewaterhouseCoopers as Financial Advisors and Trowers & Hamlins as the Legal Advisors of the consortium."Mr. Alsayed also explained that in the next few months the parties will try to reach the financial close of the project.
