The Bahraini government’s decision to open the property market to other GCC nationals and expatriate residents has led to a real estate development, said Mohammed Dadabhai, a Shura council member, in conversation with Gulf News.
Thus far, the emphasis of the program has been to lure regional investors to the program, but efforts are also underway to attract investors from Southeast Asia.
Many of the projects involved are tourism related. Bahrain’s cabinet has agreed in principle to create a 100 million-dinar company, which will be charged with developing beaches and other tourist attractions. In addition, a string of artificial islands is under construction to develop Hawar as an international tourist complex and an agreement was signed between the government and Saudi Arabia's Dalat Al Baraka Group to establish a joint venture tourist project.
Another major project, Dadabhai said, involves a beachfront residential and commercial center on the coast of Muharraq. Budgeted for 200 million dinars, the complex will cover 20 square km along a five-km stretch of beach. – (Albawaba-MEBG)
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