Social housing PPP advised by Norton Rose Fulbright

The Bahrain and Dubai offices of international legal practice Norton Rose Fulbright have advised Ithmaar Bank BSC (acting as the lenders) on a social and affordable housing PPP project in the Kingdom of Bahrain.

The PPP project, a first for the Kingdom and the GCC region, involves the development of more than 2,800 social and affordable housing units in two strategic locations: Al Madina Al Shamaliya and Al Luwzi. The Bahrain government has signed a record agreement with a local developer to meet the social housing units demand. It is the largest housing project ever to be developed in Bahrain in partnership with the private sector and sets a new precedent for the entire MENA region, particularly in the fast-growing affordable housing sector.

Joanne Emerson Taqi, projects and infrastructure partner and head of the Bahrain office, commented: "The shortage of social housing is a very pressing concern in the Kingdom of Bahrain. We are delighted to have been part of this groundbreaking PPP project which further cements our involvement and long history in the development of Bahrain infrastructure." Norton Rose Fulbright have been heavily involved in the development of Bahrain’s infrastructure and have advised on every PPP project in the Kingdom of Bahrain.

The transaction was led by partners Joanne Emerson Taqi (Bahrain) and Mohammed Paracha (Dubai) with assistance from senior associate Angela Croker (Bahrain) and associate Katie Liszka (Dubai).

Trowers and Hamlins acted as the legal advisors to the sponsors and Freshfields acted as the legal advisors to the Bahrain government.