Deputy Premier opens BIPEX 2016

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Deputy Premier opens BIPEX 2016

Deputy Premier opens BIPEX 2016

(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, and ensure the rights of all stakeholders whose confidence in it has become stronger than ever, Deputy Premier and Chairman of the Ministerial Committee for Urbanisation and Infrastructure, HH Shaikh Khalid bin Abdulla Al Khalifa said.

Speaking while opening the 9th edition of Bahrain International Property Exhibition (BIPEX 2016), the deputy premier asserted that the implementation of the real estate-related decisions, and the recent positive indicators resulting from it, such as the increase in the number of construction permits by 43 per cent in one year, have proved to everyone the importance of the legal regulation of the sector to ensure the non-recurrence of the issue of stalling real estate development projects.

“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 law-makers in finalising the bill during the current legislative term, given its utmost importance in preserving the rights of investors and creditors, and ensuring fairness for all the relevant parties.

The law, once approved, will also ensure the continuous growth and stability of the real estate sector, which is among the main non-oil economic sectors that supports more than 90 industries and related activities.

HH Shaikh Khalid also highlighted the importance of establishing a sustainable infrastructure to serve as a pillar for a robust economy that is capable of providing a suitable environment for real estate investments and attract more of them.

He stressed that the government will spare no effort in order to honour its commitment regarding the provision of a modern infrastructure that copes with the increasing needs and changes, noting that levying of infrastructure development and construction costs in urban areas is a mechanism adopted by the government to improve the quality of services.

In this regard, he said that the Ministerial Committee for Urbanisation and Infrastructure has intensified its work in order to finalise the necessary executive resolutions to ensure the optimal implementation of Decree-Law 25/2015 on levying of infrastructure development and construction cost in urban areas, which will benefit the real estate sector in the kingdom, noting that the provisions of the decree-law will affect lands or houses owned by the citizens or their relatives of the first degree.

The deputy premier renewed his call to real estate development companies in the kingdom to complete the licensing procedures of their projects that the Municipal One-Stop-Shop which, he said, has granted 40 real estate development permits.

He highlighted the directives of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Premier, 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 to facilitate the issuance of licences, preserve investments and attract others to the kingdom, which will revitalise the economy and generate more job opportunities for the citizens, he said.

HH 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 for 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.