Bahrain is planning to construct thousands of housing units over the next five years worth a staggering BD2.1 billion ($5.59 billion) - funded by the GCC 'Marshall Plan'.

Housing Minister Bassem Al Hamer announced the massive scheme yesterday, as he addressed a joint session at the National Assembly.

Under the five-year strategy, 47,000 units will be built, along with 10,000 others, through alternative housing programmes in partnership with the private sector.

The project will be funded through the $10 billion GCC 'Marshall Plan', earmarked for Bahrain.

The government will allocate 46 per cent of the GCC financial lifeline to fund housing projects, in a bid to bring the waiting period under five years by 2012.

The Industry and Commerce Ministry unveiled a plan to reclaim land to the south-east of Salman Industrial City to provide plots for industrial projects. – TradeArabia News Service