Manama: With over $2.8 billion invested in mega real estate projects in Bahrain, the new real estate law will stimulate the domestic investments as well attracting foreign investments, according to Charles Russell law firm.
Charles Russell LLP, one of the premier full service law firms in the Middle East and a leading international law firm with offices in Bahrain and Qatar, held a workshop today to discuss the new real estate development law in Bahrain.
The workshop, held at the Capital Club in Bahrain, was introduced by Simon Green, the firm’s Head of Real Estate and Construction in the Middle East and included presentations from Unkar Chanian and Reem Al Mahroos and visiting partner, David Savage, Global Head of Property and Construction in front of an audience of over 70 industry professionals.
The new development law introduced in July 2014 and which will come into force in February 2015, seeks to protect the interests of investors and developers by establishing a structure for such projects.
Developers will be required to obtain a license and are required to set up an account to allocate all the funds for the project to ensure that the funds raised from the market will be used for a specific project which provide high level of governance.
“The new law will attract more investments into the real estate market in Bahrain and restore investors’ confidence in this growing market. There are over $2.8 billion invested in mega real estate projects in the Kingdom and the new law will set a framework to regulate and support such projects,” Reem Al Mahroos, Associate at Charles Russell, said.
Additionally the committee will have a dispute resolution function which will assist developers and investors in a quick settlement of disputes to ensure smooth progress of the project and the interest and rights of the investor.
As per the latest Bahrain Economic Quarterly report issued by the Bahrain Economic Development Board, the real estate and property market in Bahrain grew by 4.5% in the second quarter of 2014 compared to 1.8% growth in Q2 2013.
Charles Russell Real Estate and Construction practice is highly regarded for its ability to advice on all aspects of construction and development projects through its multi-disciplinary resources based in the region. The firm is a leading full service international law firm with a long and respected history serving clients in the Gulf. The firm offers clients a first class service that combines international expertise, with a genuine understanding of the nuances of the GCC markets. It carries out some of the highest profile and transactional cases in the region led by a number of leading ranked Partners.