Manama, Bahrain – September 29, 2024 – Eskan Bank (EB) has announced a landmark partnership with the National Bank of Bahrain (NBB), Bahrain Islamic Bank (BisB), and Kuwait’s Boubyan Bank Group to provide joint financing worth BHD 250 million. This strategic alliance aims to support and expand housing programs across the Kingdom, enhancing affordable housing options for Bahraini citizens.
The initiative aligns with the ongoing efforts of Bahrain’s Ministry of Housing and Urban Planning to implement progressive housing policies, in line with the government’s vision to provide accessible housing for all citizens. The agreement was signed during a ceremony attended by Her Excellency Mrs. Amna bint Ahmed Al-Rumaihi, Minister of Housing and Urban Planning and Chairperson of Eskan Bank, Mrs. Hala Yateem, Chairperson of NBB, Mr. Zaid Khalid Abdulrahman, Chairman of BisB, and Mr. Adel Al-Majed, Vice Chairman and CEO of Boubyan Bank. Officials from both the public and private sectors were also present.
Her Excellency Mrs. Amna bint Ahmad Al-Rumaihi emphasized that the BHD 250 million joint financing is part of the ministry’s partnership with the private sector, aimed at addressing the growing demand for flexible housing solutions. She highlighted that the collaboration supports a range of initiatives, including the housing finance program, which has seen significant interest from citizens, and other vital projects to address housing needs.
“The successful completion of this agreement demonstrates the strong partnership between public and private sectors in Bahrain,” she said, praising the participating banks for their cooperation and efficiency throughout the process. “This collaboration not only addresses housing needs but also contributes to Bahrain’s national economy, positively impacting key sectors such as banking, services, and real estate,” she added.
Mr. Usman Ahmed, Group CEO of NBB, expressed the bank’s commitment to supporting this essential initiative. “We are proud to be part of this strategic partnership that enhances housing access and contributes to the social and economic development of Bahrain. This initiative aligns with NBB’s dedication to sustainable development and will enable Eskan Bank to meet the growing housing demand.”
Echoing these sentiments, Fatema Al Alawi, Acting CEO of BisB, reiterated the importance of community-focused projects. “This partnership reflects BisB’s commitment to supporting national development goals by financing initiatives that provide essential housing solutions for Bahraini citizens,” she said.
Mr. Adel Al-Majed, Vice Chairman and Group CEO of Boubyan Bank, expressed pride in Boubyan’s involvement in the collaboration. “This agreement will have a significant impact on Bahrain’s housing sector. Boubyan Bank is committed to supporting such sustainable projects through innovative and efficient financing solutions,” he stated, underscoring the bank’s role in fostering development both in Kuwait and across the region.
The joint financing initiative reinforces Bahrain’s commitment to providing affordable housing solutions for its citizens while stimulating economic growth through strategic collaboration between key financial institutions and the government.
