MANAMA: The Ministerial Committee for Construction and Infrastructure has been assigned to tackle stalled real estate development projects.
The Cabinet tasked the panel as it convened for its weekly meeting at Gudaibiya Palace.
“The move is in compliance with the provisions of the law on settling stalled real estate projects,” Deputy Premier Shaikh Khalid bin Abdulla Al-Khalifa, said.
Deputy Premier described the key decision as reflecting the Government’s constant drive to preserve the rights of all sides in Bahrain, a country of law and institutions.
He cited the law decree 66 for 2014, which was issued by His Majesty King Hamad bin Isa Al-Khalifa last November on settling stalled projects and preserving the rights and stakes of investors and shareholders. He underlined the directives of His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa and the follow-up of His Royal Highness Prince Salman bin Hamad Al-Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister
Deputy Premier Shaikh Khalid bin Abdulla Al-Khalifa underscored the importance of the measure in ensuring a sustainable and safe investment environment.
“The Government is keen on preserving citizens’ interests and achieving further sustainable gains”, he said, stressing the need to ensure the sustainable growth of the real estate sector, being a key pillar of the national economy.
Chaired by Deputy Premier Shaikh Khalid bin Abdulla Al-Khalifa, the ministerial panel is mandated to study and assess mega national projects, follow-up progress of work on infrastructure schemes and review policies.
He stressed the importance of settling stalled real estate projects, saying that it would have a positive impact in revitalizing and diversifying the national economy and preserving Bahrain’s standing as an investment hub.