President of Survey and Land Registration Bureau (SLRB) and Chairman of Real Estate Regulatory Authority (RERA) His Excellency Shaikh Salman bin Abdulla bin Hamad Al Khalifa opened the Bahrain Real Estate Investment Exhibition 2019, which was held in City Center Mall, during the period from 7 to 9 February 2019, with the participation of major real estate development companies in the Kingdom of Bahrain.
On this occasion, His Excellency Shaikh Salman bin Abdulla Al Khalifa said that the diversity of exhibitions related to real estate emphasizes the importance of this sector and its expected role now and in the next stage of development. The real estate sector today is one of the most important non-oil economic sectors and a major contributor to Bahrain's gross domestic product (GDP).
His Excellency said that the real estate market in the Kingdom of Bahrain is safe, stable and capable of adapting to changing economic conditions. He added that during 2018 SLRB had processed 25,943 land registration cases, an increase of 21% over year 2017 during which SLRB processed about 21,309 cases.
H. E. Shaikh Salman stressed that it is an established government policy to support the private sector to help it play a greater role in the Bahraini economy and in the implementation of projects. The government’s policies and procedures are designed to facilitate the work and activities of the private sector in implementation of the goals of Bahrain Economic Vision 2030.
His Excellency said that all investors from inside and outside the kingdom are today invited to invest in all sectors in Bahrain, especially in real estate. Bahrain has a well-developed infrastructure, advanced legal framework and laws that protect and facilitate investments.
He said that the Real Estate Regulatory Authority (RERA) had issued about 1123 licenses, of which 85 for real estate developers, 39 real estate development projects and 548 real estate agents/ brokers in addition to many other licenses.
His Excellency Shaikh Salman praised the important role played by the Real Estate Regulatory Authority in expediting all the necessary processes and procedures that are required in terms of Law No. (27) of 2017 with respect to regulating the real estate sector. The licensing and establishment of real estate development projects on sound and solid legal rules that guarantee the rights of all parties involved in real estate projects are the main pillar of the success of the projects and their completion in a proper manner.
He thanked Expressions Marketing Communications Company for organizing this exhibition for the second year in a row, wishing them further progress and excellence in organizing such exhibitions and conferences. Many of the visitors praised the good organization of the exhibition and the excellent showcased real estate projects in the Kingdom of Bahrain.