Bahrain launches new platform for private sector to invest in government lands

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain yesterday launched a new scheme for the private sector to invest in government lands. The scheme is part of Economic Recovery Plan being implemented by the kingdom’s government.

It was launched jointly by the Finance and National Economy Ministry, Works, Municipality Affairs and Urban Planning Ministrty and Edamah (the real-estate arm of the sovereign wealth fund of Bahrain).

The details of the scheme are available on investmentland.gov.bh. Speaking at the press conference held last night at Arcapita Bahrain Bay in connection with the launch of the scheme, Essam Khalaf, Minister of Works, Municipality Affairs and Urban Planning, said government lands are available for private sector investments across all four governorates in the Kingdom.

“Two processes will be deployed to select the investors - public bidding and competitive negotiation. While public bidding will be used for finding the right investor in recreational investment opportunities, competitive negotiation will be put in place to zero in on right investors in other projects.”

He added that many important real estate projects including the development of Sitra Central Market will be part of the initiative. Shaikh Mohammed bin Khalifa Al Khalifa, the Chief Executive Officer of Real Estate Regulatory Authority, said the objective of the initiative is to meet the ultimate goals of the real estate sector in collaboration with the private investors.

“This initiative will definitely contribute towards a real estate boom in the country. The plan will also take into consideration the requirements of residents in a particular area, where lands are offered for development.”

Amna Ahmed Rashid Al Romaihi, Undersecretary for National Economy within the Ministry of Finance and National Economy, said the bidding process will be carried out through an e-website, making it fully transparent and convenient to the prospective investors.

“An expert committee will be tasked with the process of finding the right investor for a particular project,” she pointed out. Khalid Humaidan, Chief Executive of Economic Development Board, said the initiative is very much in line with the Kingdom’s Vision 2030.

“This will offer a great investment opportunity for private players to join hands with the government to take the real estate sector to new heights.” Amin Alarrayed, Chief Executive Officer, Edamah, said the organisation will be in charge of handing over 26,335 square meters to the investors for development.

“We will be focusing on seven projects including the ones in Muharraq and Askar.” It is learnt that foreign investors will be allowed to participate in this initiative. More details regarding the initiative will be available in the coming days.