Bahrain unveils $1.5bn plan for new homes
Manama, December 9, 2012
Bahrain will invest BD580 million ($1.51 billion) to build 16,000 housing units under a 2013-2014 scheme, said a top government official.
"The massive project will be funded through the new state budget and the GCC Marshall Plan," Shura Council financial and economic affairs committee chairman Khalid Hussain Al Maskati was quoted as saying in a Gulf Daily News report.
It is part of a strategy drawn up by the Housing Ministry to build more than 50,000 units and clear applications piled over the past five years, according to the report.
Work is also underway to build 6,055 units across Bahrain as part of the previous budget.
The budget for 2013 and 2014 has allocated BD240 million for the ministry.
It will also spend BD340 million from the GCC Marshall Plan to build East Hidd Town and other cities.
Preparations are in full swing to start work on the mega East Hidd Town, which comprises 4,500 units, including 1,350 low-cost ones.
Two residential cities will come up in East Sitra and the Southern Governorate, each comprising 4,000 units.
The ministry is stepping up efforts to complete land reclamation and finalise appropriation procedures.
The Education Ministry has also announced plans to build six schools as part of the 2013 budget, in addition to seven under the GCC Marshall Plan. – TradeArabia News Service