*** Bahrain announces BD 1 billion investment for new housing project | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Bahrain announces BD 1 billion investment for new housing project

TDT | Manama                  

The Daily Tribune – www.newsofbahrain.com  

The Housing and Urban Planning Ministry yesterday commenced implementing a plan to create 19,000 housing units over a period of 10 years for one billion dinars.

Making the announcement, Shaikh Khalid bin Abdulla Al Khalifa, the Deputy Prime Minister and Minister of Infrastructure, said the plan follows the comprehensive development march of His Majesty King Hamad bin Isa Al Khalifa and HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.

The project falls within the Government Land Development Programme, which is among the pioneering schemes launched by the government to provide housing units for citizens through programmes like the “Tasheel” and “Mazaya”.

The Government Land Investment Programme was unveiled in April this year, inviting private investors to develop and provide services on more than 230,000 square meters of government-owned land.

The new project, Shaikh Khalid said, follows a successful pilot phase for over 132 housing units built in the Lawzi region. “We hope to hand over these completed units to beneficiaries during the first quarter of next year,” Shaikh Khalid said while visiting the Ministry of Housing and Urban Development.

Moving on, Shaikh Khalid reviewed the developments of the land project and housing finance programme and held meetings with the ministry’s partners, including bank officials, real estate development companies, and real estate brokers.

The minister told the meeting that the partnership with the private sector has contributed to providing thousands of services to citizens and paved the way for expanding financing solutions while diversifying and increasing the options of housing units.

Deputy Prime Minister also honoured the heads and representatives of banks and real estate companies which participated in the Housing Finance Exhibition, organised by the Ministry of Housing and Urban Planning at the City Centre Bahrain earlier this month Explaining the new project, Minister Amna bint Ahmed Al-Rumaihi, said that of the 19,000 housing units, 6,168 housing units and apartments are in Salman City, 3,331 units in Khalifa City, and 3,000 units in the second phase of the Al Ramli Suburb Housing Project.

The ministry, she said, will also develop 6,750 units on the residential buildings strip in different governorates of the Kingdom. The initial package includes 131 housing units and 360 flats in Salman city in addition to 280 housing units in Khalifa Town.