Friday 5 June 2020

Real estate regulatory law will boost sector, says Shaikh Khalid

MANAMA, April 26, 2017

Bahrain's new  real estate regulatory law, once endorsed and promulgated, would help stabilise the real estate sector and regulate the professions affiliated with it, said Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa.

Inaugurating the 3G exhibtions at the Bahrain International Exhibition and Convention Centre, Shaikh Khalid urged members of parliament to pass the law.

“We rely on the wisdom of MPs to quickly endorse the draft legislation and pass it to the Shura Council," stated the Deputy Premier.

Shaikh Khalid stressed the economic, social and regulatory importance of the law and future potential.

The exhibitions are organised by Hilal Conferences and Exhibitions (HCE).

He paid tribute to His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa for patronising the annual Gulf Construction Expo, Gulf Interiors and Gulf Property Show (together known as 3Gs), which he said reflects his keenness on supporting the real estate sectors and other subsidiaries.

“It is a good omen that the opening of the 3Gs coincides with the beginning of the parliamentary deliberations on the draft law”, said Shaikh Khalid.

He expressed the hope that the new law, once endorsed and promulgated, would help stabilise the real estate sector and regulate the professions affiliated with it.

The bill which features more than 100 key articles was referred by the government to the legislative authority in May last year – two years after the law 28 of 2014 on real estate development was passed, stated the Deputy Premier.

Shaikh Khalid commended the 3Gs organisers, hailing the role of the private sector in boosting the specialised exhibition industry which turned Bahrain, along with its tourism potential, into an attractive regional and international destination.

"The partnership between the public and private sectors has paid off, yielding fruitful dividends whose windfall boosts development and consolidate citizens’ welfare," he stated.  

The Deputy Premier welcomed the GCC, Arab and foreign exhibitors from 25 states, describing the 3Gs as a prime platform to showcase their innovative products and projects under the same roof to thousands of visitors.

The three-in-one event, he said, represent a key opportunity to showcase the potential of local and GCC markets in the construction, interior designs and properties sectors, which may pave the way to launching joint “Made in the Gulf Projects”.

HCE chairman Anwar M Abdulrahman paid tribute to HRH the Premier for patronising the exhibitions, thanking the Deputy Premier who inaugurated the 2017 edition on behalf of the Premier.

He expressed delight at the Premier’s auspices which, he said, reflects his keenness on supporting the private sector as it contributes to development and boost national economy.

HCE managing director Jubran Abdulrahman paying tribute to the Premier’s patronage and said that the acknowledged reputation of the exhibition attracted a growing number of exhibitors and visitors year on year.

“The 3Gs concept will provide an ideal marketing platform and an opportunity to communicate, interact and seal rewarding transactions in the sectors of construction, interior designs and properties”,  he added.
The 3G exhibitions conclude tomorrow (April 27).-TradeArabia News Service

Tags: Bahrain | real estate | 3G |

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