20/03/2017
In the meeting, the Saudi Bahraini real estate Asharqia Chamber
yesterday.
Participants
in the Saudi Bahrain real estate meeting held on Monday morning (20 / March /
2017) in Asharqia Chamber expressed their hope to achieve more partnerships in real estate investment
and urban development, led by the private sector in the two countries, stressing the importance of
transparency and the intensification of mutual meetings in order to serve this.
The
head of the real estate Committee of Asharqia Chamber of Dr Bassam boodi said that the Saudi Bahraini
relations are characterized by the historical ties, The Kingdom is of the first
Bahrain trading partners, and its real estate continues to increase inside, as Saudi Arabia has nearly 80% of Gulf investments of Bahrain real
estate market, as
well as they are ranked first in terms of flows and direct investments in Bahrain,
which became a big possesses the necessary elements and experience to
understand the investors needs and.
Boodi:
" the two countries today are passing in a stage of a major transformation in economy between each other, to
diversify the economic base, without relying on oil as the essential source of
national income, which lends itself to exchange experiences and learn from
experience, especially since the Kingdom of Bahrain began early in the
application of its vision for the future, and now has a great reputation in
several fields, especially the real
estate development, as the Bahraini real estate market is becoming of the
region attractive real estate investments markets, and the experience of a
leader in real estate development and an important an example in the Gulf market.
In
the Bahraini side the deputy of the Bahraini Saudi Council Abdul Hakim Al Shammari,
explained the successful investment
opportunities in the Kingdom of Bahrain and the investment environment in the
Kingdom of Bahrain, especially as the
real estate sector is a growing and improving, supported by a set of laws by the concerned
government committees, aimed at investor
protection, to ensure the success of projects
Al
Shammari said that the real estate market in Bahrain is one of the healthiest
Gulf property markets in support of the investor, to ensure the success of
projects, he pointed that the level of defaults in the real estate projects is still
limited, but very limited.
Vicar
of the Bahraini side in Baharaini Saudi Council and chairman of the Committee of
Transportation Chamber of Commerce and Industry of Bahrain companies, urged
institutions and representatives of the private sector in the Kingdom of Saudi
Arabia to the need to enhance the ties
and dealings with the Bahraini private sector to strengthen the vital role in
this area, especially since the Kingdom of Bahrain is working to provide many the
necessary facilities to investors and businessmen to invest and establish
economic projects in multiple fields, and in various forms, including those
that are wholly owned by the Gulf capital, and this is what distinguishes the
Kingdom of Bahrain, which always achieves
the advanced positions in the economic
performance internationally, plus it has the most free environments of Business
in the region not to impose any taxes on private companies.
He
noted that the percentage of real estate ownership in the Kingdom of Bahrain by
the citizens of the Gulf Cooperation Councilis on the rise and growth, the sum
of owning real estate is 2154 in 2014, compared with 582 properties in 1995, an
average growth rate of 270% in twenty years, while the proportion rose real
estate ownership by GCC nationals in Saudi Arabia of 196 properties in 1995 to
315 properties in 2014 and a growth rate of 60.7% between the mentioned years..
pointing that 38% of property owners in the other Gulf countries are from Saudi
Arabia followed by the citizens of Kuwait by 36%.
He
stressed the need to discuss and study the ways for the necessary mechanisms,and
the appropriate plans and programs for cooperation for the
establishment of mutual ventures and the
enhancement of investment opportunities and ownership and development of
real estate in the two countries
The
head of the council of Bahrain real estate association Nasser Ali Al Ahli said
that The businessmen and Saudi companies representing the first element in the Gulf investments in the Kingdom
of Bahrain, which estimating the value of their investments in various real
estate sectors, tourism and industrial past five years no less than 260 million
Bahraini dinars, considering real estate sector, one of the main factors of
economic activity at the local level and the Gulf and the world where it is
active and tools in affecting the local national income investment.
He
said that Bahrain was the first Gulf Arab country that implemented the
principle of economic openness and real estate in particular, for the citizens
of the Gulf Cooperation Council due to the Kingdom strategic location with Bahrain and being a
financial center internationally and because of the existence of organized
investment environment of all the major requirements required for any kind of investments. He
explained that the most important incentives for real estate investment
flexibility of systems and laws and private real estate transactions
legislation has made Bahrain a safe haven for many investors and real estate companies,
making it the sector steady growth and increasingly over the past ten years.
He
said that the citizens of the Kingdom are more than other Gulf countries in the
purchase of real estate in the Kingdom of Bahrain because of the existence of
laws, real estate laws that have contributed to the existence of their
investment real estate in the Kingdom of Bahrain without fear and these
investments increased by individuals or real estate companies, which was
founded with the capitals Gulf money
without Bahraini
partner and is one of the positive things that have made Bahrain a base for a
lot of real estate companies because of the ease of establishing companies and the lack of a Bahraini partner
in the company condition.
