Deputy premier opens BIPEX 2017

Deputy Premier and Chairman of the Ministerial Committee for Urbanisation and Infrastructure, Shaikh Khalid bin Abdulla Al Khalifa, has asserted that Bahrain’s national expertise in the real estate field had reached its highest maturity levels following His Majesty King Hamad bin Isa Al Khalifa’s ratification and issuance of the Real Estate Regulatory Law in July 2017.

Shaikh Khalid added that the national expertise that had contributed to the issuance of the new real estate law was the fruitful outcome of the investors’ confidence in the local real estate market’s stability, robust legislative guarantees that protect the interests of all stakeholders, as well as ability to address all problems facing the sector by the force of the law.
He also asserted that the accumulated experience gained by the real estate sector’s affiliates had contributed to the new law, and strengthened Bahrain’s regional leadership in the sector.
The deputy premier was speaking while opening the 10th Bahrain International Property Exhibition (BIPEX 2017), held at the Bahrain International Exhibition and Convention Centre.
Speaker of the Council of Representatives, Ahmed bin Ibrahim Al-Mulla, ministers, diplomatic corps, senior state officials and guests attended the opening ceremony.
Shaikh Khalid said that real estate developed and all those related to the real estate sector should rectify their situation in accordance with the provisions of the new law which will take effect in March, 2018, noting that the law will bring about a giant leap in the sector which contributed to the country’s GDP by about five per cent last year.
The deputy premier extended deepest thanks and gratitude to His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa for the Cabinet’s approval to refer the bill to the Legislative Branch which passed it.
He also paid tribute to His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, for his constant interest in and follow-up on the law which he had introduced and praised its economic importance during the Government Forum.
The deputy premier went on to say that BIPEX 2017 is held amid the positive atmosphere prevailing in the kingdom’s real estate sector, citing the Cabinet’s endorsement of a draft-decree to establish a Real Estate Regulatory Authority (RERA), which will aim to develop the real estate sector in the Kingdom and enhance the investment environment in accordance with the provisions of the Real Estate Regulatory Law, as well as the progress made in addressing the situation of stalled projects, and the stability of the investment building permits issuance growth, among others.
Such positive developments will contribute to boosting the real estate sector, and pave the way for launching new investment projects.
He also hailed the success of the existing partnership between the public and private sectors, especially in the "Mazaya" programme, previously known as the financing of social housing.
Shaikh Khalid highlighted the key role played by BIPEX in developing the local real estate market, extending thanks and appreciation to the event’s sponsors, exhibitors, visitors and organisers, the Bahrain Society of Engineers, for the tremendous efforts they had exerted to ensure the success of the prestigious event.
Organised by the Bahrain Society of Engineers, BIPEX 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.

Source: BNA