Subsidiaries and Associates
Key Operating Subsidiaries
Ithmaar Development Company (IDC)
Ithmaar Development Company (IDC) is a wholly-owned subsidiary of the Group which was established in 2007 with the objective of developing and managing major development, real estate and other infrastructure projects. IDC’s flagship projects include Dilmunia, a 1.25 million square meters manmade island off the coast of Bahrain.
The current strategy of IDC focuses on the infrastructure development relating to Dilmunia project as well as providing development management services to Naseej.
Key Operating Associates
BBK B.S.C. (BBK)
BBK is one of the largest commercial banks in Bahrain with a presence in Kuwait, India and the United Arab Emirates. BBK provides a full range of lending, deposit, treasury and investment services, and has established a number of subsidiaries in the areas of brokerage, financial services and credit cards.
BBK’s strategy focuses on growth of its retail banking business through branch expansion in Gulf Cooperation Council and international markets, mainly India.
Naseej (the Company) is the MENA region’s first fully-integrated real estate and infrastructure development company, encompassing the entire value chain from concept to completion. The Company’s core activities comprise design and master planning; development and construction; building components; mortgage facilitation; and asset management. Naseej was established by prominent private and public sector investors to act as a pioneering catalyst for addressing the region’s affordable housing development needs. The Group owns 30.7 percent of Naseej.
Naseej’s strategy focuses on pursuing property development and investment opportunities in affordable housing and retail real estate sectors in the MENA region besides working on the Private Public Partnership Housing Project (PPPHP) project in Bahrain. Naseej is also involved in major residential projects in Bahrain like Yasmeenat Saar and Jumana.
Solidarity Group Holdings B.S.C
Solidarity is one of the largest takaful (Islamic insurance) companies. The Company provides general and family takaful products and services, which comply with the principles of the Islamic Sharia, around the globe. Solidarity operates two fully-owned subsidiaries in Bahrain, one subsidiary in Jordan, and other business interests in Saudi Arabia. The Group owns 36.4 percent of Solidarity.
Solidarity’s strategy focuses on providing general takaful services both locally and in key international markets, mainly Jordan and Saudi Arabia.
CITIC International Asset Management Limited (CITICIAM)
CITICIAM is part of the CITIC Group, a major diversified financial and investment conglomerate wholly-owned by the State Council of the People’s Republic of China. CITICIAM’s principal activity is to invest in companies and projects in China and internationally, both for its own account and on behalf of clients. Established in 2002 to specialise in distressed asset management, the current portfolio of CIAM includes direct investments in real estate, high technology, health, retail and industrial projects. The Group owns 20 percent of CITICIAM. CITICIAM’s strategy focuses on investment mainly in China in environmental, agricultural, natural resources and health sector of China specifically in companies, mainly SME’s, which are run in line with the state policies and contribute to the socio-economic development of China.