Saturday, December 7, 2019

Almoayyed thanks the GOVT. for their Continued Support

Reef Island's Union Express Regret for repeated disputes between developers

Mr. Farouq Al Moayyed, Chairman of Reef Island Homeowners Union, expressed his regret in the repetition of disputes between the Master Developer of Reef Island and other investors and developers by preventing them from entering the island, which harms and damages Bahrain’s bright economic reputation.

Mr. Al Moayyed stressed the need to empower the role of homeowners union which is established according to applicable laws and regulation in Bahrain.

Mr. Al Moayyed called the government intervention to empower the homeowners union in order to carry out his duties of serving all owners and investors equally.

Farouq“We have asked the master developer to hand over the main gate and all public properties and facilities to the union like other real estate development project, but he refuses to do it. He insists on controlling the only entrance to the island and utilizing the gate it to impose his own laws that would increase his profits while other investors incur losses.” Mr. Al Moayyed said.

“If there are any financial disputes between the master developer and other investors or developers, the master developer has the right to seek the court if no out-of-court settlement was reached. But we do not approve blackmailing developers by halting construction permits or threatening to cut off electricity and preventing investors from reaching their worksites on the island.”

“Our primary role as an independent homeowners union it to guarantee the rights of the developers, investors, residents, homeowners and the master developer. We aim to resolve all disputes and problems that may arise between any two parties through appropriate means.” He said.

“We do not wish to see these problem repeated again. We appreciate every effort made to support the development of the real estate sector in Bahrain. The Government of Bahrain has always been supportive to investors and they provided the best business environment that was able to attract investment and boost the economy.” He added.

“I would like to extend my sincere thanks and gratitude to wise leadership of Bahrain for their continuous support to all businessmen and investors.”

Mr. Almoayyed also commented on the recent media reports regarding Mumtalakat Holding Company and their previous investment in Reef Island, saying “Reef Island was one of the distinctive projects in Bahrain because the government had a major stake in it, which was considered as a guarantee for investors. Many prominent business families and investors from Bahrain and GCC hurried and invested their money because of their huge confidence in government of Bahrain.”

Without the share of the government, it would be like any normal project owned by a group of investors. The government share was the main reason for it ability to attract those investment successfully.” He explained.

“What happened next was unexpected, the government represented in Mumtalakat sold its share, and LTC started imposing new decisions and rules without taking into consideration homeowners rights. The problem was escalated even more recently to block the only entrance to the island and threatening to cut electricity.”

“The Union is gathering signatures of homeowners, resident and developers to raise a petition explaining our demands that rejects acts and harassment pursued by the master developer who insists on changing the master plan of the island and building a banquet hall; this will lead to spread of Alcohol within the residential area.”

Mr. Almoayyed concluded saying, “We are going to launch an online petition calling for all who were affected by the acts and practices of LTC to sign in. It aims to show the large number of people who refuse these abuses and to enforce LTC to hand over things to the union.”

MOST READ

Batelco Hosts Digital Transformation Workshop for Enterprise Customers

In light of the Company’s role as a key player in the Kingdom’s ICT sector, Batelco held a digital transformation workshop for enterprise customers...

World-renowned Speaker and author Ravi Zacharias in Bahrain

About 2000 people attended a talk by world-renowned speaker and author Ravi Zacharias at the Asian School auditorium. The topic of his speech was...

Bizhub i-Series from Konica Minolta. Rethink IT

TOMORROW’S WORKPLACE TODAY - Simple. Secure. Smarter The office workplace is changing as documents become more digitized and the volume of data increases, centralized management...

Euro Motors Presents the Jaguar Land Rover Bahrain Young Creatives Initiative in Collaboration with Top Bahraini Universities

Euro Motors Jaguar Land Rover partners with leading universities in Bahrain to organize the innovative Jaguar Land Rover Bahrain Young Creatives Initiative. As part of...

New Bahraini Motorsport Team “2 Seas Motorsport”

HH Shaikh Isa bin Abdullah Al Khalifa has announced the launch of his new Bahraini team that will race two Championships across Europe Named...

Crowne Plaza Bahrain – Annual Appreciation Corporate Party 2019

The Crowne Plaza Bahrain hosted their annual appreciation corporate party with an interesting theme: Epic Getaway. The theme was specifically designed to promote the Epic...

Omani National Day Celebrations at Saar Mall

Saar Mall organized an event in cooperation with the Omani Embassy in the Kingdom of Bahrain, for the occasion of the 49th National Day...

The digital, mobile-only ila Bank launched in Bahrain

Bank ABC launches ila Bank, foraying into the digital, mobile-only banking space, beginning with Bahrain with a roadmap to take it across the MENA...

The Ritz-Carlton, Bahrain Celebrates its Silver Jubilee

A jewel in the crown of the Kingdom, the luxury 5-star Ritz-Carlton, Bahrain invites travelers and guests for a month-long celebration to commemorate its...

NHRA Organised the ‘First Bahrain Health Regulatory Conference’

Under the patronage of the Chairman of the Supreme Council of Health HE Lieutenant General Dr. Shaikh Mohammed bin Abdullah Al Khalifa, and in...

Bahrain Showcases Cloud Experience in USA

Based on invitation addressed to the Information & eGovernment Authority (iGA), the Chief Executive, Mohammed Ali AlQaed showcased Bahrain’s experience with Cloud technology at...

New chairman for Bahrain Fintech Bay, Mr. Khalid Humaidan

Bahrain FinTech Bay (BFB) has announced the appointment of Khalid Humaidan as the new chairman of the board, succeeding H.E. Khalid Al Rumaihi. BFB...

Better late than never by: Dhananjay Mahadev Datar

I got my first award for business excellence in 2003. It was quite surprising and an unexpected development for me. Previously throughout my life...

Clean Beauty Regime

Clean beauty regime means using products that are non-toxic, natural and safe to use. As so, to have a clean beauty regime there are...

A one-stop shop for eServices to make women’s lives easier

Bahraini Women’s Day is an ideal opportunity to spotlight the many online services offered by the Information & eGovernment Authority (iGA) to serve the...