For Free Headlines Submit Your Email
Sunday, April 30, 2017
Bahrain is planning to invite greater foreign direct investment (FDI) in its real-estate sector in upcoming years, said Bahrain’s Economic Development Board’s Director of Real Estate, Tourism and Leisure Ali Ghulam Murtaza.Murtaza was speaking at the Bahrain India Society’s first luncheon meeting featuring a business panel discussion on ‘Reality in Real Estate’ which was held at the Diplomat Radison Hotel here. “Bahrain’s retail market has seen huge growth over the last ten years and it is impressive how the Kingdom’s property market has maintained stability despite inflation and economic slowdown. Our current foreign direct investment in the sector is US$250 million and our aim is to up this by 8-9 per cent by 2018,” he said. “So far retail growth in Bahrain is mainly driven by strong population growth, increased domestic disposable incomes and demand from Saudi Arabia and other GCC countries but the EDB’s efforts and growing international interest in Bahrain’s retail market will showcase growth via FDI.”According to Murtaza, the latest outreach program introduced by the Economic Development Board (EDB) in partnership with the Central Bank of Bahrain (CBB) will immensely contribute to this objective. He added: “The unique merger of financial laws program supports growth in real estate funds, private equity funds, venture capital and technology funds, startups, and Sharia compliant funds and captive insurance. Moreover, it will enhance the island’s competitiveness in financial services and make it easier to raise both conventional and Islamic finance, for investment activities.” Chairman of the Bahrain Property Development Association Aaref Hejres spoke to DT News on the viability of such economic decisions for international entities. “Bahrain’s market is undoubtedly the best in the GCC because of our close proximity to all other nations in the GCC region. The retail market has no speculators and large properties are extremely reasonable. That coupled with our low living and utility costs makes Bahrain an attractive platform for FDI in retail,” he said.“Currently, Bahrain has large scale FDI from Asia, particularly the Indian subcontinent. However, in the recent past, Chinese delegations have met to discuss future initiatives with representatives of the EDB, National Oil and Gas Authority (NOGA), Bapco and Tamkeen.” The event also hosted other panelists such as Gagan Suri, CEO Bahrain Bay Development and Unkar Chanian, Senior-associate at Charles Russell Speechlys LLP.
© 2017 BEDigest. All Rights Reserved.