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Tuesday, March 5, 2024

New law to regulate, stabilise real estate sector

New law to regulate, stabilise real estate sector
New law to regulate, stabilise real estate sector

(Manama) – His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa deputises Deputy Premier, HH Shaikh Khalid bin Abdulla Al Khalifa, to open the Gulf Construction Expo (GC Expo 2017), the Gulf PropertShow and the Gulf Interiors Exhibition (gulfInteriors 2017), all of them organised by Al Hilal Conference and Exhibitions at the Bahrain International Exhibition and Convention Centre.

The deputy premier expressed delight at opening the three expos on behalf of HRH Premier, stressing that the Prime Minister’s keenness on patronising the three events reflects his interest in the construction sector and its sub-sectors.

He said that the opening of the three events in which the real estate side is a basic pillar, coincides with the Representatives Council’s session dedicated to discussing the 100-article draft law on regulating the real estate sector, expressing hope that the new legislation will strengthen the stability of the real estate sector.

He affirmed that the bill is the fruitful outcome of the government’s efforts to include provisions and articles that cope with the rapid developments and the investment boom witnessed by the real estate sector, which, he said, are the factors, along with the remarkable success of the efforts to address the issue of stalling real estate projects, that led to the revision of the existing two-year-old law.

The deputy premier commended the efforts exerted to ensure the success of the three exhibitions, and praised the role played by the private sector in boosting the specialised exhibition industry thanks to it, he said, the kingdom has become a favourable destination for those interested in the sector.

He affirmed that partnership with the private sector has yielded fruitful results that may contribute to bringing about landmark development achievements aimed at enhancing the citizens’ welfare and provide them with the requirements of decent life.

HH Shaikh Khalid bin Abdulla welcomed the exhibitors who represent 25 GCC, Arab and friendly countries.

The GC Expo, the Gulf Property Show and the gulfInteriors will continue until April 27, with the participation of 135 exhibitors representing mega companies.

Board Chairman of Al-Hilal Conferences and Exhibitions Anwar Abdulrahman extended sincere thanks and appreciation to HRH Premier for patronising the event annually, and to the Deputy premier for opening it on his behalf, expressing delight in the Premier’s support to the private sector in order to assume its role in spurring the national economy.

Managing Director of Al-Hilal Conferences and Exhibitions Jubran Abdulrahman affirmed that HRH Premier’s patronage of the event had encouraged companies to participate in it.

He pointed out that holding three exhibitions under one roof and the same time will provide ideal shopping atmosphere, and create opportunities for communication and reaching lucrative deals.

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