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$75bn projects underway in Bahrain

Manama, November 9, 2010

Real estate and commercial construction projects worth $75 billion (BD28.3 billion) are either underway or in the pipeline in Bahrain, it has been claimed.

The figure was announced by organisers of a major property showcase lined up this weekend at the Bahrain International Exhibition Centre.

Bahrain International Property Exhibition (Bipex) 2010 organising committee chairman Mohammed Khalil Alsayed claimed Bahrain and other countries in the region were seeing property market recoveries from the downturn of last year.

Speaking at a launch event for Bipex 2010, which runs from November 11 to 13 at the Bahrain International Exhibition and Convention Centre, he said there had been recovery in the property sector though it remained slow and prices were still behind levels of two years ago.

'There are more projects moving ahead across the region and the size of them suggest growth in 2010, probably in the region of 2.5 per cent,' he said.

'We have seen reports over the past year on 'green shoots, recovery round the corner' and the like.

'However, I take comfort from the International Monetary Fund outlook on the World Economy released during early October. Among others, it stated that the Middle East and North Africa region is recovering strongly.

'Though the report states that a sizeable and rapid fiscal policy response in oil-exporting countries played a substantial role, I believe the timing of the fiscal stimulus was appropriate,' he said.

'When we announced the launch of Bipex 2010 in May this year, we provided a quick round-up of the market environment prevailing at that time and also stated that we are cautiously optimistic of the future.

'One of the points we made was about the imminent move towards a Public-Private Partnership (PPP) model by the government for the delivery of housing units to Bahrainis.

'I believe that this pilot initiative by the government would provide a stimulus to the real estate segment and be a test for future offerings providing further opportunities to the private sector.

'In this regard, the government's initiative to provide around 5,000 housing units through the planned PPP model is truly laudable,' he added.

'Our endeavour over the years has been to make Bipex a powerful and influential voice in the property sector in the region,' said organisers Bahrain Society of Engineers vice-president Jawad Al Jabal.

'We are proud to say that we have achieved a fair measure of success in this respect, with the event serving as a prime source of market intelligence and information.

'Bipex has been progressively attracting an increasing number of stakeholders - investors, developers, businesspersons, government officials, policy makers and the general public - not just from the kingdom but from the entire region and elsewhere.

'Last year, Bipex enjoyed a high degree of success, having showcased urban development and infrastructural projects worth a total value of $52 billion,' he added.

'People have equally high expectations this year and it certainly appears as if the momentum is continuing.

'This is the message that comes across from the response we have been receiving from potential sponsors and exhibitors.

'In fact, over 80 per cent of the exhibition area has already been booked despite the adverse economic events,' he added.-TradeArabia News Service




Tags: Bahrain | property | real estate | Exhibition | Bipex |

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