The Board of Directors of the Real Estate Regulatory Authority (RERA) held its meeting on Wednesday, 17th October 2018, under the chairmanship of HE Shaikh Salman bin Abdulla bin Hamad Al Khalifa, Chairman of the Board of Directors.

The Board reviewed the latest developments on the operations of RERA, the implementation of the resolutions passed recently and the extent of compliance of real estate companies and individuals to the applicable regulations and laws, stressing the importance of tracking the violators and requesting them to correct their position or else face legal measures as required by the law.

Members of the Board of Directors directed the executive management of RERA to take the necessary measures to encourage investment in this important sector, follow easy and clear procedures in their work and create an information database that can help investors in this sector to make sound decisions and ensure the success of real estate projects. They also called on the executive team to seek achieve the objectives of RERA in developing the real estate sector into one of the important contributors to the national economy, a sector capable of achieving sustainability and competitiveness based on a strong legal foundation and efficient work procedures.

RERA is committed to striving to implement the directives of His Majesty the King to achieve development, growth and prosperity, the wise policies of the government headed by His Royal Highness the Prime Minister aimed at modernizing the work methods in government ministries and agencies in line with Bahrain Economic Vision 2030 and the decisions of the Executive Committee chaired by His Royal Highness the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, to enhance the contribution of this important sector to the Bahraini economy.

For his part, HE Shaikh Mohammed bin Khalifa Al Khalifa, Chief Executive Officer of RERA, gave a detailed presentation on the latest developments of RERA’s work and reviewed a study of major existing projects. He mentioned that the Board of RERA has approved the issuance of a number of important resolutions including a resolution with respect to licensing property evaluators, a resolution on inspection, investigation and compliance in the estate sector, a resolution to add an article to the draft resolution on the obligations and duties of real estate agents and sales agents, and a draft resolution on combating money laundering, terrorism and proliferation of weapons. Shaikh Mohammed stressed the importance of the issuing of these resolutions, which comes in implementation of the provisions of Law No. (27) of 2017 with respect to the Real Estate Regulation Law, and serves to ensure the stability and growth of the real estate market in the Kingdom.

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