Subsidiaries and Associates
Key Operating Subsidiaries
Ithmaar Development Company (IDC)
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 B.S.C. (c).
Solidarity Group Holdings B.S.C. (c) (Solidarity Group)
Solidarity Group is one of the largest takaful (Islamic insurance) groups in the region. Solidarity provides general and family takaful products and services. Solidarity Group operates through subsidiaries and associates in Bahrain, Jordan, and Saudi Arabia. Solidarity Group acquired 71% of Al Ahlia Insurance (one of the oldest and largest listed
insurance companies in Bahrain) in December 2016 and the merger of Solidarity General Takaful (a wholly-owned subsidiary of Solidarity Group) and Al Ahlia Insurance was completed in 2017.
The merged entity “Solidarity Bahrain” is now one of the leading insurance provider in Bahrain. Solidarity Group’s strategy focuses on providing takaful services both locally and in key regional markets, mainly Jordan and Saudi Arabia. The total assets and total shareholders’ equity of the Group as of 31 December 2020 amounted to US$378million and US$197 million respectively.
Key Operating Associates
BBK B.S.C. (BBK)
BBK is one of the largest commercial banks in Bahrain with overseas 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 vision remains to be the premier regional financial services enterprise in providing superior products and services of high quality through innovation, technology and lifelong client relationships.
The total assets and total shareholders’ equity as of 31 December 2020 amounted to US$10 billion and US$1.4 billion respectively.
Naseej B.S.C. (c) (Naseej)
Naseej is the Middle East and North Africa (MENA) region’s first fully-integrated real estate and infrastructure development company, encompassing the entire value chain from concept to completion.
Naseej’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.
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) in Bahrain. Apart from the PPPHP, Naseej is also involved in major residential projects in Bahrain like Yasmeenat Saar and Jumana.
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 (CITIC group owns 46% in CIAM). CITICIAM’s principal activity is to invest in companies and projects in China and internationally. Established in 2002 to specialise in distressed asset management, the current portfolio of CITICIAM includes direct investments in real estate, high technology, health, retail and industrial projects.
CITICIAM’s strategy focuses on investment mainly in China in environmental, agricultural, natural resources and health sector specifically in SME’s, which are run in line with the state policies and contribute to the socio-economic development of China.