Focus on timeshare legislation to boost investment

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

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The Services Committee of the Shura Council met with representatives from the Ministry of Tourism, led by the Chief Executive Officer of the Bahrain Tourism and Exhibitions Authority (BTEA) Sara Buheji, to discuss a draft law regulating timeshare in accommodation units.

The meeting focused on the draft law accompanying Decree No. (33) of 2023, aiming to establish clear legal frameworks protecting the rights and responsibilities of all parties involved in timeshare arrangements.

The ultimate goal is to stimulate investment in both the tourism and real estate sectors. The committee reviewed the Ministry of Tourism’s perspectives on the draft law, including proposed amendments and articles.

Questions

Members of the Services Committee raised questions regarding specific clauses in the proposed legislation.

The draft law seeks to provide greater flexibility in contractual agreements, making timeshare arrangements more attractive to investors. A key objective is to build consumer confidence among citizens, residents, and tourists in Bahrain’s timeshare sector.

Shared ownership

The draft law explains that timeshare is based on the principle of shared ownership or usageof a property over time.