The Board of Directors of the Real Estate Regulatory Authority (RERA) held its third meeting on Wednesday 14th February 2018, under the chairmanship of HE Shaikh Salman bin Abdullah bin Hamad Al Khalifa, President of the Survey and Land Registration Bureau (SLRB) and Chairman of the Real Estate Regulatory Authority (RERA).
His Excellency stressed the need to double the efforts at RERA to enable it perform its role in a timely and efficient manner and attain its objective. The objective of RERA is to help grow the real estate sector as one of the main contributors to the national economy, in accordance with the wise directives of His Majesty the King and to enhance the contribution of this vital sector to the Gross Domestic Product (GDP) of Bahrain in line with the directives of the government and in implementation Bahrain Economic Vision 2030.
During the meeting, the Board was briefed on the latest developments with respect to the establishment of RERA and the mechanisms used to implement related legal tools and instruments, decisions and procedures. The Board stressed the need for RERA to adopt the latest work practices, procedures and administrative techniques that are based on modern management methods and advanced technologies. RERA should select and hire only the best qualified staff to enable it embrace the latest global practices in the field of digital management, organization of real estate development projects and the development of the sector to make it a growth sector based on robust legal rules and procedures; a sector capable of achieving sustainability and competitiveness in line with the objectives of sustainable development.
At the meeting, the Board stressed that real estate developers should be urged at this stage to register their companies and projects immediately after the law comes into effect. They should be made aware of the need to register their real estate projects, before they advertise them or place them in the market, especially the off-plan sales.
In the same context, the Board stressed the need to register real estate firms engaged in brokerage, valuation or property management. Mechanisms related to the fee structures should also be developed and real estate firms be supported and protected by scrutinizing those who take up such professions illegally or without a license.
Chief Executive Officer of RERA His Excellency Shaikh Mohammed bin Khalifa Al Khalifa gave a detailed presentation on the latest developments of the work of RERA, the teams formed for all functions of RERA and the use of best practices in the field of corporate governance. Resolutions on fees, project licensing and escrow accounts were also discussed at the meeting.