Manama: The Cabinet during its weekly meeting discussed a new law to settle the installed real estate and development projects.
The Minister for Information Affairs and the Government’s Official Spokesperson Sameera Ibrahim bin Rajab during a media briefing said that the Cabinet approved a draft law on the settlement of distressed or stalled real estate development projects.
The draft law, she said, aims at fully addressing the issue while taking the necessary precautions to protect the interests of investors, both large and small.
“The Cabinet discussed a draft resolution regarding regulations and permissions related to state-owned land and businesses. Key aspects of the draft resolution include the regulation of the current application and investment procedures, procedures to place land up for investment and ways to award contracts and procedures to deal with complaints. The draft resolution also ensures that the principles of integrity, transparency and competition are firmly part of all such regulations,” she added.