Bahrain is to pump millions into an extra housing budget to slash the waiting list for government homes.

The pledge came from His Majesty King Hamad as he reopened the National Assembly on Sunday, following the summer recess.

He said an extra budget would be created to build new homes, on top of whatever is allocated within the national budget for 2009/2010, currently being drafted.

The aim would be to eradicate the waiting list by 2014, Housing Minister Shaikh Ibrahim bin Khalifa bin Ali Al Khalifa told journalists on the sidelines of the ceremony.

New measures to drive down inflation, already the lowest in the region, were also promised by the King.

Bahrain would also do all it could to protect its people from the effects of the global economic crisis, said the King, who added that he was optimistic that the country could weather the storm.

He said that the government would soon present its economic strategy, prepared by the Economic Development Board (EDB).

'The kingdom will have a very bright future, with the vision of the EDB, and people will be the first to benefit from any development the country sees,' said the King.

Unemployment is down to 3.8 per cent, one of the best rates in the world and everything is being done to create new jobs and support the unemployed, he said.

'Bahrain's flexible legislation has made it one of the fastest growing countries in the region, despite the problems other countries in the region are facing and others around the world,' said the King.

But the unstable global conditions necessitated vigilance and initiative to protect the assets of citizens, he said.

'We are aware and will do whatever we could to protect people's interests,' pledged the King.

He urged MPs and Shura Council members to put all their efforts into meeting the people's hopes and needs. - TradeArabia News Service