Bahrain’s economy ‘is bouncing back’
Bahrain’s economy is bouncing back thanks to concerted efforts between the government and the private sector, the top official of a leading exhibitions organiser has said, as a showcase of prime real estate worth millions of dinars got underway yesterday.
According to Jubran Abdulrahman, managing director of Hilal Conferences and Exhibitions (HCE), the organiser of the Gulf Property Show at The Avenues, the outlook for events in the post-pandemic world is looking up judging by the “phenomenal” turnout and deals being signed within minutes of the exhibition opening.
“This tells us that people are wanting to invest in the country again,” said Mr Abdulrahman during the opening of the mall edition of the Northern Gulf’s boutique showcase for real estate.
Inaugurated by Bahrain Tourism and Exhibitions Authority (BTEA) chief executive Dr Nasser Al Qaedi, on behalf of Industry, Commerce and Tourism Minister and BTEA chairman Zayed R Alzayani, the exhibition is Bahrain’s first property-focused event in two years as the nation slowly recovers from the global pandemic.
“We are so excited after a two year sabbatical to kick-start the Gulf Property Show at The Avenues once again. We have been pleasantly surprised by the number of exhibitors that participated with us and the turnout this morning has been phenomenal,” said Mr Abdulrahman.
“There are a lot of units that are being showcased by various leading developers ranging from the affordable segment to the luxury high-end market.”
According to experts, Bahrain’s recent announcement of a new national economic growth and fiscal balance plan with the aim of enhancing the economy’s long-term competitiveness and supporting the post-Covid-19 recovery will benefit the vital economic pillar of the real estate sector as it looks to bounce back quickly.
The total value of real estate transactions in Bahrain reached BD717.4 million ($1.9 billion) in 2020. The Survey and Land Registration Bureau (SLRB) reported that real estate transactions rose by 36 per cent year-on-year, reaching BD226m.
The forecasts for 2021 – 2022 looks bright as Bahrain’s National Real Estate plan for 2021-2024 gears itself up again, to increase the sector’s contribution to the national economy.
The plan includes five initiatives and 17 projects, including laws and regulations, long-term plans and operational initiatives for developing the real estate sector.
In addition the catalyst of over $30bn of investments in strategic projects and the creation of new industrial investment areas across the kingdom will spur the revival of the real estate sector, stated the experts.
Mixed-use major real estate projects in the kingdom will exceed $12bn in value. Bahrain is a multidimensional marketplace that enables investment in a diverse range of properties that offer opportunities for a live, work and play lifestyle, they added. Exhibitors participating in the GPS mall edition are, Al Janabiya Gate Real Estate, Al Yal Real Estate, Edamah, Fontana Real Estate, GFH Properties, MGI Property Real Estate, Naseej, Riffa Views and Union Real Estate Company.
The show will run until Saturday and its hours will be in line with the opening and closing times of The Avenues, one of Bahrain’s top leisure and entertainment destinations.
