Bahrain's real estate sector has seen steady growth this year with the number of construction permits issued increasing by 43 per cent in the past one year, it has been revealed by a senior minister.

The growth proves the soundness of the legal procedures taken by the government to protect this vital sector  and ensure the rights of all stakeholders whose confidence in it has become stronger than ever, Deputy Premier and chairman of the Ministerial Committee for Urbanisation and Infrastructure Shaikh Khalid bin Abdulla Al Khalifa was quoted as saying by BNA news agency.

Speaking after opening the Bahrain International Property Exhibition (Bipex 2016) (November 3), he said the implementation of the real estate-related decisions, and the recent positive indicators resulting from it, have proved to everyone the importance of the legal regulation of the sector to ensure the non-recurrence of the issue of stalling real estate development projects.

"Therefore, the Cabinet has recently referred an integrated draft law to the legislative branch in a bid to bridge the gaps plaguing such a vital sector," he said, expressing confidence in the ability of law-makers in finalising the bill during the current legislative term, given its utmost importance in preserving the rights of investors and creditors, and ensuring fairness for all the relevant parties.

The law, once approved, will also ensure the continuous growth and stability of the real estate sector, which is among the main non-oil economic sectors that supports more than 90 industries and related activities, he said.

Shaikh Khalid also highlighted the importance of establishing a sustainable infrastructure to serve as a pillar for a robust economy that is capable of providing a suitable environment for real estate investments and attract more of them.

He stressed that the government will spare no effort in order to honour its commitment regarding the provision of a modern infrastructure that copes with the increasing needs and changes, noting that levying of infrastructure development and construction costs in urban areas is a mechanism adopted by the government to improve the quality of services.

The deputy premier renewed his call to real estate development companies in the kingdom to complete the licensing procedures of their projects that the Municipal One-Stop-Shop which, he said, has granted 40 real estate development permits.

He highlighted the directives of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Premier, to constantly ensure easy procedures for real estate development companies and investors.

The directives aim to update and rectify the existing systems from time to time to facilitate the issuance of licences, preserve investments and attract others to the kingdom, which will revitalise the economy and generate more job opportunities for the citizens, he said.

Shaikh Abdulla called on real estate developers and investors not to hesitate to notify to the relevant officials any shortcoming.

He also said that solving the issue of stalling real estate development projects by law has reflected positively and it reinstated the confidence of investors in the market.

Bipex, organised by the Bahrain Society of Engineers, is an annual event that brings together major Bahraini real estate companies to highlight projects for investors and visitors.