Diyar Al Muharraq, one of the leading urban developers in the Kingdom of Bahrain, announced its successful participation and sponsorship, in the Diamond Sponsor Category, of the first edition of the “Real Estate Development – Legal and Economic Vision” conference held on the 2nd and 3rd of June 2015 in Manama Hall at the Four Seasons Hotel Bahrain Bay, under the patronage of Deputy Prime Minister, His Excellency Shaikh Khalid bin Abdulla Al Khalifa and organized by Dalal Al Zayed Consultancy Center.
H.E. Shaikh Khalid bin Abdulla Al Khalifa awarded sponsors and speakers in the conference with tokens of appreciation in the presence of prominent dignitaries that included Head of Survey and Land Registration Bureau His Excellency Shaikh Salman Bin Abdulla Al Khalifa, Minister of Housing His Excellency Eng. Basim Bin Yacob Al Hamer and Diyar Al Muharraq Chief Executive Officer Dr. Maher Al Shaer.
The conference aimed to set a foundation for property development in Bahrain and the region, through giving a realistic analysis for the positive aspects and challenges related to the real estate sector, in addition, the best global practices and experiences were presented to utilize them in accordance with the regional requirements. It also combined both efforts of the public and private sectors to reach sustainable real estate development by understanding investors and real estate developers’ visions and defining their significant requirements for the future. The conference also hosted a ground for new ideas that will attract capital and encourage investors to seek new opportunities.
Diyar Al Muharraq chairman Abdulhakeem Al Khayyat said: “I am delighted to share on behalf of Diyar Al Muharraq and myself, my immense pride for the success achieved by the “Real Estate Development – Legal and Economic Vision” Conference in its first edition, and we look forward to witnessing more cooperation between the Kingdom’s public and private sectors to progress and develop the real estate field further. This conference is the first step into supporting real estate development in the Kingdom of Bahrain and it consolidates the relation between the public and private sector which will benefit the entire community of Bahrain.”
Moreover, Dr. Maher Al Shaer expressed his sincere thanks and appreciation to H.E. Shaikh Khalid bin Abdulla Al Khalifa for his patronage and support, likewise he paid tribute to the organizers, speakers and audience for their remarkable contribution for this event’s success providing a great opportunity for real estate investors and developers.
Various topics were discussed by distinguished specialists in the legislative legal real estate development field along with economic analysts and experienced representatives from financial institutions and banks that included investment and real estate development between reality and expectations, property development and investment opportunities under economic growth indicators, relationship between governments and the private sector, in real estate development and property development law in Bahrain.
Diyar Al Muharraq Chief Operating Officer, Yousif Al Thawadi spoke about the relationship between governments and private sectors: “The level of corporation between the two sectors varies from one country to another depending on housing and subsidized real estate services provided by the public sector. Aspects of cooperation may include construction, finance, infrastructure, strategic planning and property liquidation.”
As for the positive aspects of cooperation with the private sector, Diyar Al Muharraq highlighted the benefits that would result from it including maximizing beneficiaries and minimizing waiting lists, decreasing the financial and human burden on all involved ministries; improve housing units’ standards and adopting environment friendly solutions. They said benefits would also include increased growth in the construction development sectors as well as trade and construction materials. In addition, the private sector’s contribution in infrastructure and the diversification of housing units options with regards to size and location, will lead to enhancing the lifestyle and social stability of Bahraini families.
Furthermore, Diyar Al Muharraq pointed out the current challenges faced by the private sector in relation to the clarity of infrastructure plans availability in the Kingdom of Bahrain, legislations and completion of the real estate laws and implementing regulations and obtaining approvals from all related governmental organizations, as well as a mechanism for the approval on the private sector offerings budget. The challenges also include the refusal to provide a government guarantee of commitment by the relevant ministries, urban planning and real estate categorization.
Additionally, Diyar Al Muharraq emphasized on the principals necessary for the successful partnership between the public and private sector, and stressed on the need for transparency in all their endeavours and the collaboration of all ministries and the public sector to be represented by one authorized party, and the willingness to share the risk-taking responsibility in equal measures. They elaborated on team work performance to help in the success and completion of projects according to the agreed timeline, improve and unify the standards of housing units in agreement with the private sector with a buying guarantee from the government to facilitate project financing by the private sector, as well as the inclusion of the private sector in strategic planning and urban categorization processes.
Diyar Al Muharraq also participated in a real estate exhibition that was held alongside the conference, during which they showcased the development in its entirety by displaying its Master Plan that emphasized on its many investment opportunities, specifically highlighting the commercial investment opportunities it presents to both visitors and investors that will have a positive impact on the Bahraini economy. Visitors, including VIPs and real estate investors showed a high interest in Diyar Al Muharraq’s investment opportunities, which included the B5 Residential Buildings Plots, Light Industry/Logistics and Warehousing Plots and the Commercial Showroom Plots.
Diyar Al Muharraq is a unique master planned city for the people of Bahrain offering range of housing options and quality lifestyle. Diyar Al Muharraq offers a cohesive mix of residential and commercial properties with a strong line up of projects aimed at creating a long term and sophisticated township.