Gudaibia Palace: Deputy Premier, Shaikh Khalid bin Abdulla Al-Khalifa, stressed official resolve to address stalled real estate projects in Bahrain and reinstate rights. “The Government will spare no effort to do justice to affected people and return their rights as per the law and for the sake of public interest”, he said as he received Bahrain Property Development Association (BPDA) Chairman Aref Hejris, who introduced the board members.
The Deputy Premier, also head of the Ministerial Committee for Reconstruction and Infrastructure, cited the law decree (66) for 2014, which was issued by His Majesty King Hamad bin Isa Al-Khalifa to address stalled projects and redress grievances. “The royal move represented a gleam of hope for investors who pumped massive funds in development projects which stalled or came to a standstill for various reasons”, he said. He reiterated the Government’s strong resolve to address the issue and reinstate rights in cooperation with the legislative and judicial branches of government.
The Ministerial panel will continue referring stalled projects to the competent judicial committee, while other schemes will study to ensure their resolution. He stressed the importance of the law (28) for 2014, which was ratified by HM the King, adding that the new legislation would regulate the tripartite relation which involves the developer and the financier, in addition to the investor or purchaser so as to avert any future disputes.
He pointed out that the real estate would improve further and regains its momentum, affirming the Government’s keenness on bolstering the sector which plays a crucial role as a pillar of development. BPDA Chairman and Deyar Al-Muharraq managing director Aref Hijris thanked the Deputy Premier, on behalf of the board members, for his efforts to develop the property sector.