Deputy Premier inaugurates BIPEX2018

Manama, Nov. 1 (BNA): Shaikh Khalid bin Abdullah Al Khalifa, Deputy Premier and Chairman of the Ministerial Committee on Construction and Infrastructures, said that practice has proven that the legal frames are the most ideal and successful solutions to address and develop the real estate sector. The Deputy Premier explained that Law 27/2017 regarding issuance of Real Estate Regulatory Code and upon enforcement of its provisions and establishment of the Real Estate Regulatory Authority (RERA) effectively contributed to market stability, particularly as the RERA features the patronage of His Majesty King Hamad bin Isa Al Khalifa, the support of His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister and follow-up of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister. As part of its efforts to regulate this sector, the RERA has issued 69 out of 81 decisions which means that 85% of its legislative foundation was accomplished including the necessary executive decisions to pave and complete its work. This came on Thursday as the Deputy Premier inaugurated the 11th Bahrain International Property Exhibition (BIPEX2018) organized by the Bahrain Society of Engineers at the Bahrain International Exhibition and Convention Centre (BIECC), which continues until November 3. On this occasion, Shaikh Khalid praised the society’s efforts in making BIPEX one of the major events in the industrial expos map capable of attracting property developers in the region to Bahrain explore the sector’s investment opportunities whose contributions in the gross national product (GNP) exceeded 4% until the first half of the current year. The Deputy Premier also praised the organisers’ selection of the main theme for this year’s exhibition "Future Structure of Real Estate in the Kingdom of Bahrain" which comes at a time when the real estate sector is witnessing drastic restructuring to prepare for a future based on solid foundations in terms of legislation and administration which ensures the rights of all property dealing parties.