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'NEW LAW BACKWARD STEP'

Bahrain Shura rejects property curbs on GCC citizens

Manama, March 12, 2013

Bahrain’s Shura Council has rejected a new law that would restrict GCC citizens' ownership of commercial residential property in the kingdom.

"GCC nationals are treated equally as Bahrainis and putting restrictions means that Bahrain will be going backwards in its moves to unite the Gulf as one," council member Mohammed Radhi was quoted as saying in a report in our sister publication, the Gulf daily News.

"Foreign investments in commercial residential properties are beneficial to refresh the real estate market and create more job opportunities, which Bahrain needs to develop.

"Putting restrictions would make Bahrain's market less appealing and kill interest, directing it to other GCC countries or neighbours."

Another proposed law that would restrict judges' appointments was also rejected.

Both laws have already been rejected by parliament and neither law can be discussed again before a new parliament is elected next year. – TradeArabia News Service




Tags: Bahrain | GCC | law | shura | Commercial real estate |

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