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The Board of Directors of the Real Estate Regulatory Authority (RERA) held a meeting chaired by His Excellency Shaikh Salman bin Abdulla bin Hamad Al Khalifa, President of the Survey and Land Registration Bureau (SLRB) and Chairman of the Board of Directors of the Real Estate Regulatory Authority (RERA). His Excellency briefed the Board on the latest developments on the operations of RERA, the implementation of the legislative resolutions and decisions and the numbers and types of licenses issued.
The Board discussed completing the remaining organizing resolutions and administrative procedures in RERA that need to be implemented in order to achieve its objectives in developing the real estate sector into one of the main contributors to the economy, a sector capable of achieving sustainability and competitiveness based on a strong legal foundation and efficient work procedures.
RERA is fully committed to implementing 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 work methods and procedures 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.
The Board also discussed some real estate issues, stressing the importance of putting in place procedures that would not lead to having complicated disputes between dealers in properties. It highlighted the need for strengthening the role of real estate mediation committees in resolving real estate disputes and issues. The Board highlighted the importance of the training courses and awareness campaigns that RERA will organize during the coming period. His Excellency directed the members of the Board to develop financial solutions that would increase the revenues of the RERA and help achieve the financial balance for RERA in accordance with the set plans and goals. He requested that a time table be set for implementation.
The Board approved the general principles of the national plan for the real estate sector presented by the executive management of RERA, which includes four main objectives. The Board recommended that the plan be made more comprehensive, suggesting that international best practices in this field be studied and used.
The Board also approved a project to establish a "real estate market data bank", which will contain data, information and statistics related to the real estate sector. The data bank aims to provide investors and property developers with accurate, reliable and timely data to enable them make more informed investment decisions. The availability of such information is of great importance in stimulating increased investment in the Bahrain real estate market which aims to play a greater economic role during the current and upcoming period as one of the major non-oil sectors.
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