Bahrain property sector ‘bouncing back’
Manama, August 12, 2012
Bahrain's real estate sector has turned a corner following the global downturn and last year's unrest, said a leading property developer, adding that a renewed confidence has enabled the country to attract more foreign investment.
"We're turning the corner," said Amin Al Arrayed, who heads Kuwaiti real estate firm First Bahrain.
"We're starting to see confidence come back and companies invest again. There's a resilience that's building up now."
In an interview with our sister publication the Gulf Daily News, the former banker discussed the many pitfalls of the real estate boom and how he steered his investments away from them.
Based on an indigenously developed business model, his flagship project Majaal provides workspaces and warehousing for small and medium-sized enterprises (SMEs).
He realised early on that industrial developments were ideal to beat the downturn.
"We've bought into Bahrain as an investment and logistics hub and we're feeding money into it," Al Arrayed said.
Last week, the firm signed agreements to begin construction of Majaal's second development phase which is set to provide 40 new units for SMEs.
"When we secured approval for the second phase, it was a huge validation for Majaal and the prospects of Bahrain going forward," he said.
"It is a strong indicator that people are willing to invest." – TradeArabia News Service