Bahrain’s government has begun to take remedial and preventative action to end the dossier of stalled real estate projects, it was revealed yesterday (May 17).

Deputy Prime Minister and head of the ministerial committee on construction and infrastructure Shaikh Khalid bin Abdulla Al Khalifa has assured all Bahraini, Gulf and expatriate property dealers that the government is taking steps to preserve and restore the rights of dealers with the least losses, said a report in the Gulf Daily News (GDN), our sister publication.

They include the replacement of boards of directors of non-co-operating companies having stalled projects or selling them at public auctions.

Regarding preventative measures, the Deputy Premier said the legislative authority has endorsed a law ratified by His Majesty King Hamad to regulate the real estate sector. The law constitutes a surety to avoid the recurrence of this dossier.

Works, Municipalities and Urban Planning Affairs Minister Essam Khalaf announced the issuance of the Executive Code for Law 28/2014 regarding property development, asserting readiness to enforce it.

Proposals

In a related context, the committee for settlement of stalled property projects on Thursday announced it had received three proposals from the attorney of Marina West developers.

The committee is currently studying these proposals to approve, accept, amend or reject one of them. - TradeArabia News Service