BaPDA praises efforts to support real estate sector

Manama : The Bahrain Property Development Association (BaPDA) has praised the issuance of Royal Decrees on establishing the Real Estate Regulatory Authority, and on appointing Shaikh Mohammed bin Khalifa bin Abdulla Al Khalifa as its Chief Executive Officer, stressing that the royal move will create an institutional framework for regulating the real estate sector.

BaPDA Chairman, Aaref Hejres pointed out that the two royal decrees add to the issuance of the Real Estate Regulatory Law, which represents a quantum leap in the legislative framework that copes with the economic development and consolidates the legal system that supports the national economy and strengthens the Kingdom’s investment-attracting status.

Hejres extended appreciation and gratitude to His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Premier, for the establishment of the Real Estate Regulatory Authority, and for their unwavering support for the development of the real estate sector in the Kingdom.

He also paid tribute to the Deputy Premier and Chairman of the Ministerial Committee for Urbanisation and Infrastructure, Shaikh Khalid bin Abdulla Al Khalifa, and to BaPDA Honorary President, Shaikh Salman bin Abdulla Al Khalifa, for their efforts that led to the issuance of the Real Estate Regulatory Law and the establishment of the Real Estate Regulatory Authority, two moves that will strengthen the confidence of local and foreign investors.

He congratulated Shaikh Mohammed bin Khalifa bin Abdulla Al Khalifa for the precious trust bestowed on him by appointing him as CEO of Real Estate Regulatory Authority, stressing that he is a distinguished national competence and will be able to ensure the success of the Real Estate Regulatory Authority.

BaPDA chairman expressed confidence in the success of the Real Estate Regulatory Authority in strengthening the efficiency of the real estate market and services so as to maintain the interests of all stakeholders, and boost investment in it.