Initiative to promote private investments in government land

PLANS are underway to seek private investments in government-owned land, said a top businessman.

Bahrain Chamber of Commerce and Industry (BCCI) commercial markets committee chairman Abdulhakeem Al Shammary said the main aim of the new initiative is to ensure successful collaboration between the private and public sectors.

He also highlighted the various measures taken by different bodies that own land suitable for investment.

“The initiative implemented by the Capital Trustees Board to allow investment in lands owned by the Capital Trustees Authority aims to achieve financial gain while allowing for enhanced governance of property and activate the council’s regulatory role,” he said in a statement yesterday.

“We have found a need to develop more than 100 used car showrooms and exhibitions ranging in space from 500m to 1,000m across all four governorates.

“As a committee we are facing the problem of such land being unavailable while the municipalities, endowments and Edamah can take advantage of renting out their land long-term.

“This will ensure good financial returns while also solving a problem that has long plagued the private sector and the government – which is the sale of used cars in public roads due to a lack of space.”

He said Bahrain was the only country in the region which allows the public display of used cars for sale on streets without regulations to protect lives and property while also distorting the public image of neighbourhoods.

Meeting

He stressed that the committee is prepared to conduct meetings with any government authority wishing to allow investment on their land.

“The process will be just and transparent with no efforts spared to facilitate the process for Bahraini and GCC investors with legal contracts away from negative bureaucracy that has placed obstacles in their path and turned them away from investing,” he added.

 

Source: http://www.gdnonline.com/Details/824173/Initiative-to-promoteprivate-investments-in-government-land

 

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