AMSG of Saudi Arabia to develop residential project in Bahrain.

Al Salam Bank-Bahrain (ASBB) has signed an agreement with the Saudi Arabia-based, Abdulla H. Al Mutawa Sons Group (AMSG), to develop an affordable residential project in Bahrain that will cater to the housing needs of the local community.

As per the agreement, AMSG will be solely responsible for the construction of the Janayen Al Hamala (Hamala Gardens) Project comprising 1,000 affordable units in the area targeting low and mid-income Bahraini families. Nabeel Al Tattan, ASBB's executive vice president and MENA region head and Abdul Karim Al Mutawa, AMSG's president and chief operating officer signed the deal.

The signing ceremony was attended by Yousif Taqi, ASBB director and CEO, Abdulhameed Al Mutawa,AMSG chairman, and Kareem Shamma, Manara Developments Company CEO and other officials.

Taqi expressed delight at the strategic partnership with AMSG and said that he looked forward to 'working with this esteemed organization in developing ambitious projects that will serve and further benefit the local community.'Manara Developments Company, an affiliate of ASBB, will represent the Project's Owners and provide overall project development consulting services. 'The Janayen Al Hamala Project will include around 1,000 affordable units in the Al Hamala area targeting low and mid-income Bahraini families.'This initiative comes following an extensive market survey conducted by ASBB through Manara Developments to identify the housing requirements of this income group",Taqi pointed out. "ASBB considers itself a partner in further stimulating the socio-economic growth of the Kingdom of Bahrain,and pursuing such a deal with AMSG is testament to the Bank's long-term commitment to supporting the local community," Taqi pointed out. The Janayen Al Hamala project is one of ASBB's most ambitious ventures and has the potential to yield the anticipated returns in the long run while also setting quality standards for similar developments in the future.

"This project will facilitate the ownership of a quality home for many Bahrainis and will also offer a profitable venture for both the investors and the shareholders," he noted. Abdulla Hussain Al Mutawa Sons'Group is a diversified enterprise with a wide client portfolio and offers ISO standard services with a proven track record of quality, reliability and efficiency that spans over five decades.

According to Taqi "establishing a partnership with such a prominent institution is a major step in strengthening ASBB's position and competitiveness in the market."Taqi further stressed that "despite the financial crisis that has greatly affected many financial institutions around the globe in recent months,ASBB has maintained a focused approach in its pursuit for well-studied low-risk ventures that promise satisfactory returns for its shareholders.

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