‘Legal regulations key to protecting real estate’
Manama : The steady recovery of the Bahraini real estate market proves the soundness of the legal procedures taken by the government to protect this vital sector, said Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa.
The Deputy Premier, who is also the Chairman of the Ministerial Committee for Urbanisation and Infrastructure, was speaking while opening the 9th edition of Bahrain International Property Exhibition (BIPEX 2016) yesterday.
Shaikh Khalid asserted that the implementation of the real estate-related decisions, and the recent positive indicators including the increase in the number of construction permits by 43 per cent in one year, have proved the importance of the legal regulation of the sector.
“Therefore, the Cabinet has recently referred an integrated draft-law to the Legislative Branch in a bid to bridge the gaps plaguing such a vital sector,” he said, expressing confidence in the ability of lawmakers in finalising the bill during the current legislative term.
The law, once approved, will also ensure the continuous growth of the real estate sector, which is among the main non-oil economic sectors supporting over 90 industries and related activities.
Shaikh Khalid also highlighted the importance of establishing a sustainable infrastructure to serve as a pillar for a robust economy that could provide a suitable environment for real estate investments and attract more of them.
In this regard, he said the Ministerial Committee for Urbanisation and Infrastructure has intensified its work in order to levy infrastructure development and construction cost in urban areas.
The Deputy PM renewed his call to real estate development companies in the Kingdom to complete the licensing procedures of their projects under the Municipal One-Stop-Shop, which has granted 40 real estate development permits.
He highlighted the directives of Prime Minister HRH Prince Khalifa bin Salman Al Khalifa, and Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister HRH Prince Salman bin Hamad Al Khalifa to constantly ensure easy procedures for real estate development companies and investors.
“The directives aim to update and rectify the existing systems from time to time. In turn they will revitalise the economy and generate more job opportunities for the citizens,” he added.
Shaikh Abdulla called on real estate developers and investors not to hesitate in submitting their remark to the relevant officials in order to address shortcoming, if there are any.
He also said that solving the issue of stalling real estate development projects by the law has reflected positively as it reinstated the confidence of investors in the market.
BIPEX, organised by the Bahrain Society of Engineers, is an annual event that brings together major Bahraini real estate companies to highlight projects for investors and visitors. It is a perfect stage for investors, builders and buyers to discuss the difficulties facing the industry. It also provides analysis that result in timely solutions and suggestions for a more profitable future.
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