Bahrain may hike industrial rents by 6,000pc
Manama, August 21, 2013
Bahrain’s Municipalities and Agriculture Affairs Ministry is planning to increase rent at the industrial area in Hidd by as much as 6,000 per cent, a report said.
The ministry has for many years been receiving nominal rents on land it owns at the industrial area, which resulted in loss of millions of dinars in public money, Muharraq Municipal Council’s financial and legal committee chairman Ghazi Al Murbati told our sister paper Akhbar Al Khaleej.
The Muharraq Municipality plans to subject 51 contracts to the 6,000 per cent rent increase once they expire, which will contribute BD2 million ($5.28 million) to the municipality’s income annually, compared to the current BD25,000, Al Murbati said. – TradeArabia News Service
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