Press Release

Nass Corporation Board of Directors met on 26^th February 2017 to review the financial results of the company for the year ended 31^st December 2016. Announcing the results the Nass Corporation B.S.C, Chairman, Mr. Sameer Abdulla Nass said that the company has achieved a gross turnover of BD 135.818 million (BD 99.284 million for 2015) up by 37% YoY, on which it has achieved a Net Profit of BD 3.044 million (BD 2.668 million for 2015) up by 14% YoY. The gross turnover achieved for Q4 2016 was BD 44.376 million (BD 26.702 million for Q4 2015) up by 66% QOQ on which it has incurred a net loss of BD 1.141 million (net profit BD 1.086 million for Q4 2015) down by 205% QOQ.

“The year 2016 was challenging as turnover growth translated into only a marginal growth in profit in view of the challenges posed by the adverse macroeconomic factors. As a demonstration of our commitment to the shareholders, I am pleased to announce that the Board of Directors are recommending a dividend of 5 fils per share i.e. 5% of issued share capital, subject to the approval of the shareholders in the annual ordinary general assembly meeting and regulatory approval, added Mr. Nass.

Abu Dhabi: Nass Contracting, contractors for the supply and construction of piling, asphalting work for road and site development, fabrication and construction of the structural steel work, successfully delivered Pot Delining building to EMAL. The client was impressed with the quality of work and professional conduct that the team displayed on site.

Manama, 10 Aug-2015:  With massive Bahrain infrastructure projects in the pipeline, Nass Contracting Company (a subsidiary of Nass Corporation BSC) recently signed contracts for major roads and water sector projects.

Nass Corporation’s flagship company, Nass Contracting recently inked deals for two water transmission projects with the Electricity and Water Authority totalling USD 126 million. “Our contract involves the design and construction of 10nr 5million gallon Ground Storage Tanks (GSTs) and 4nr 1million gallon Elevated Service Reservoirs (ESRs) at various locations in Bahrain together with all associated pumping stations, ancillary and integration works,” said Mr. David Anthony, General Manager of Nass Contracting.

Construction of new and fully automated pumping stations with SCADA and control systems have begun and are due for completion in 2017.

Among the newly-awarded projects, USD 124 million contract for the construction of five bridge structures to upgrade Sh. Jaber Al Ahmed Al Subah Highway (Alba & Nuwaidrat Interchange) was also awarded to Nass Contracting Company and its joint venture partner – KCC Engineering & Contracting Company, Kuwait.

The GCC funded project was part of a critical infrastructure development under the Strategic Roads Master Plan Project umbrella of the Ministry of Works. Contract involves replacing the existing Alba Roundabout with a new three-level interchange, and the replacement of existing Nuwaidrat Roundabout with a new two-level interchange. Upgrade of all highways and road levelling leading to the above roundabouts, namely, Sh. Jaber Al Ahmed Al Subah Highway, King Hamad Highway, Estiglal Highway, Moaskar Highway, Avenue 15 and the Refinery Avenue is also part of the scope.

The ALBA-Nuwaidrat Interchange project is critical as it involves the relocation of several utilities, especially the relocation of twin 16” BAPCO gas pipelines and the extension of BAPCO Culvert and Ducts across King Hamad Highway. Mobilization has begun and we expect to complete the project by August, 2018”, said Mr. Anthony.

With years of experience and proven expertise in the civil engineering industry Nass Contracting have made major contributions to Bahrain’s commercial and industrial infrastructure, having successfully undertaken projects in virtually every sector of the country’s economy.

“NASS is known for its  dedication in achieving highest standards of construction and maintaining client satisfaction in the industry, and we look forward to supporting such infrastructural developments by the Government of Bahrain in the future, which aims to boost public spending and accelerate the growth of Bahrain’s economy.” he concluded.

Manama, 22 Aug-2015: Works, Municipalities and Urban Planning Affairs Ministry roads assistant under-secretary Huda Fakhro inspected work progress at the second interchange along Shaikh Khalifa bin Salman Highway and the road linking roundabouts 13-18 in Hamad Town.

She was accompanied by roads projects and maintenance director Sayyed Bader Alawi and engineers working on the project.

Ms Fakhro instructed the team to adhere to work schedule to ensure completion on due date.

Ms Fakhro said concrete work along the second flyover is about to be completed. Levelling work is underway along the road connecting the flyover to Roundabout 18 and the main highway. Also, safety concrete barriers are being erected on both sides of the flyover.

Work is progressing well for the road connecting roundabouts 13-18 in Hamad Town, she said.

The project is one of the most important strategic projects implemented by the ministry and is being carried out as part of GCC Fund Programme.

The new flyover will provide direct access to Shaikh Khalifa bin Salman Highway, specifically for traffic coming from Roundabout 18, residential areas in the vicinity and also the western villages, and heading north towards Manama.

Under the project, a two-way flyover will be built with two lanes in each direction. The new 24.2m wide flyover is to pass over Shaikh Khalifa bin Salman Highway. Work also includes construction of a road with two lanes in each direction, connecting roundabouts 13 to 18. This will alleviate traffic congestion along Shaikh Hamad Highway and other roads in Hamad Town.

The BD7,466,985 project was awarded by the Tender Board, in co-ordination with the Saudi Development Fund, to a consortium of Nass Contracting and Al Yamama Company. Supervision has been assigned to Parsons Global Limited.

Ms Fakhro directed the team involved in the project to strictly adhere to all safety procedures.

Manama, 22 Apr-2015 : We are delighted to announce that Abdulla Ahmed Nass & Sons Co. has won the award for “Enterprise of The Year (Large)!”

The first ever Bahrain Award for Entrepreneurship (BAE), staged under the patronage of HRH Crown Prince Salman bin Hamad Al Khalifa, First Deputy Prime Minister and Chairman of Bahrain Economic Development Board (EDB), was held at the ART Rotana Hotel in Amwaj, Bahrain, on March 11, 2015.

Launched in partnership with Tamkeen, EDB, Bahrain Development Bank (BDB), and knowledge advisors Bahrain Chamber of Commerce and Industry (BCCI), the United Nations Industrial Development Organization Investment & Technology Promotion Office (UNIDO-AICEI), and the Bahrain Ministry of Industry and Commerce (MOIC), the award winners went through technical qualification rounds, and were ultimately chosen by the judges with the exception of the People’s Choice category.

A regional representative of EY acted as a knowledge advisor for the inaugural event, and judges from across the MENA region included HRH Prince Khaled bin Alwaleed bin Talal bin Abdul Aziz Al Saud, Talal Al Zain, Ahmed Nassef, Badr Jafar, Habib Haddad, Nina Curley, Rama Chakaki, Rosemary Tan, Tony Bury, and Hala Fadhel. Six award winners were selected from 100 nomination applications, and will be awarded with a variety of business opportunities to scale and develop their respective enterprises. The seventh winner was selected via People’s Choice.

BAE prizes include growth development programs and planning, startup funding, coaching, office space in business incubators and accelerators, as well as training and certification. The awards, presented by Sheikh Mohammed bin Isa Al Khalifa, Chairman and Acting Chief Executive of Tamkeen, are one aspect of a multi-organizational effort to strengthen and recognize the Kingdom’s enterprise leaders, and create more awareness to the bevy of support programs and networks available to the nation’s entrepreneurs.

Manama, 23 Jun-2015: The Bahrain Health & Safety Society selected Nass Corporation for the Best National Award in Safety. The Chairman, Mr. Sameer Nass, received the award on behalf of Nass Corporation in the presence of His Excellency Minister of Labour and His Excellency Minister of Housing in June at the Gulf Convention Center.

HRH Princess Sabeeka bint Ibrahim Al Khalifa officially opened the GPIC-funded Bahrain-Japan Friendship Park, during a ceremony held on February 18. The project was designed and constructed by Nass Landscapes, a sub-division of Nass Contracting Co., as part of the National Initiative for Agricultural Development’s drive to expand green spaces.

Nass Landscapes proudly partook in the Bahrain International Garden Show (BIGS) 2015, an ambitious initiative with the aim of boosting the Agricultural Develaopment sector in the kingdom, by presenting their wide range of gardening- and landscaping-related products and services. The company was also involved in the design and construction of the Ministry of Social Development stand, in close cooperation with the ministry, to showcase the excellent work they do – and it secured the second place in Hall 2, Special Displays category.The annual expo was held from March
25 to April 1 at the Bahrain International Convention & Exhibition Centre, under the patronage of HM King Hamad bin Isa Al Khalifa and the support of HRH Princess Sabeeka bint Ibrahim Al Khalifa.

Manama, Jun. 26– Under the patronage of the Deputy Prime Minister of Bahrain Shaikh Khalid bin Abdulla Al Khalifa, Diyar Al Muharraq, one of the leading urban developers in the Kingdom of Bahrain, held a Groundbreaking Ceremony to mark the start of construction of Phase 1 of Dragon City, a Chinese-themed retail development in the Diyar Al Muharraq masterplanned project, on Thursday 26th of June 2014 at the Diyar Al Muharraq construction site.

The ceremony was attended by several ministers, the Ambassador of the People’s Republic of China in Bahrain, members of Muharraq Municipality Council and government officials.

Diyar Al Muharraq appointed Nass Contracting in May 2014 to undertake construction of Phase 1 of Dragon City, which is scheduled for completion by mid 2015. The project will be developed by Dragon City BSC , a subsidiary of Diyar Al Muharraq WLL, and operation of Phase 1 will be undertaken by Middle East and Trade Promotion Center (Chinamex).

Dragon City is the first-of its kind development in Bahrain which will offer unique wholesale and retail opportunities to local consumers, trade customers and tourists in a 115 thousand square meter development set in the southwest corner of Diyar Al Muharraq city. The project design is infused with Chinese architectural and cultural aspects, in a layout which incorporates 700 individual retail store spaces and a five thousand square meter area designated for warehouses. The project also includes a six thousand square meter dining street and car parking for 1,500 customer vehicles.

On this occasion, the Deputy Prime Minister of Bahrain, His Excellency Shaikh Khalid bin Abdulla Al Khalifa, expressed his delight that Bahrain is embracing one of the most famous Chinese projects, and he reaffirmed the Kingdom’s strategy highlighting the importance of attracting foreign investments through distinguished projects that serve the national economy and allow for the provision of employment opportunities, in addition to meeting consumer demands.

Shaikh Khalid bin Abdulla Al Khalifa said: “The Dragon City Project further strengthens the Bahrain – Chinese relations, which prospered following the recent fruitful visit made by His Majesty the King of Bahrain to Beijing, during which His Majesty met with the Chinese President. The visit concluded with both parties reiterating the importance of supporting and enhancing the development of economic and investment cooperation between the two friendly countries”.

On this occasion, the Chairman of Diyar Al Muharraq, Mr. Abdulhakeem Al Khayyat said: “The groundbreaking ceremony for Dragon City heralds the start of a series of achievements for Diyar Al Muharraq. We are building a niche for Diyar Al Muharraq as a vital player in Bahrain’s economic development, and through this ceremony, we are taking confident steps towards fulfilling our goals, and we affirm our important role in developing the Kingdom into a world-class commercial and trade destination.”

Chief Executive Officer of Diyar Al Muharraq, Dr. Maher Al Shaer said: “Dragon City will introduce unique opportunities and a new wave of products that will keep up with new demands by consumers. It is envisioned to become the preferred source of a wide array of Chinese products such as home appliances, building materials, furniture, toys, garments, textiles, footwear and general merchandise. We aim to make Dragon City as the main destination that will singularly address consumer demands. And this ceremony today heralds the beginning of our journey as a strategic developer with an innovative stream of a futuristic vision in the Kingdom.”

“Phase 1 of Dragon City which includes the mall is targeted to be ready by mid 2015, and at a subsequent stage a themed ‘Asian dining street’ extending approximately six thousand square meters would be added where patrons could enjoy a choice of restaurants and food brands within an authentic Asian setting”, Dr. Maher Al Shaer added.

The Dragon City concept was launched in May 2012 as the result of an agreement between Diyar Al Muharraq and Chinamex. Gulf House Engineering was appointed for design and supervision and Baker, Wilkins & SmithMiddle East(BWS) for Cost Consultancy services, while Cluttons were appointed as the leasing agent for the project in the Kingdom of Bahrain. The mall was tendered for construction with the aim for all space to be entirely pre-leased to leading retailers and tenants from China and Bahrain.