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Highlights | Real Estate<br />
RERA starts operations<br />
Shaikh Mohammed bin Khalifa Al-Khalifa<br />
Chief Executive Officer, RERA<br />
Real Estate Regulatory Authority<br />
(RERA) commenced its operations<br />
on 1st March <strong>2018</strong> and initially focuses<br />
on the licensing of real estate service<br />
providers and off-plan sale projects.<br />
RERA Chief Executive Officer<br />
Shaikh Mohammed bin Khalifa Al-<br />
Khalifa said that the regulatory panel<br />
will be responsible for licensing all<br />
real estate professionals, including<br />
developers, brokers and sales agents,<br />
as well as all developments, including<br />
the advertising of off-plan projects.<br />
He highlighted wider obligations and<br />
requirements, in particular those<br />
relating to the escrow account.<br />
He affirmed that the introduction<br />
of enhanced professional standards is<br />
in the interest of all parties involved<br />
in the real estate sector and individual<br />
development projects. He highlighted<br />
that under Law No. (27) all real estate<br />
professionals must obtain a license<br />
from RERA by 31 August <strong>2018</strong> in order<br />
to avoid being subject to penalties.<br />
In regards to the next phase, RERA<br />
will provide a flexible and efficient<br />
service to ensure that all license<br />
holders can operate effectively.<br />
RERA is in the process of<br />
implementing international best<br />
practices in the field of real estate<br />
development, while ensuring<br />
alignment with the local market. He<br />
noted that RERA board of directors,<br />
which comprises a carefully selected<br />
group of experts, will maximise<br />
coordination between the public and<br />
private sectors while accounting for<br />
the unique challenges of the domestic<br />
real estate market.<br />
He reaffirmed that the board is<br />
committed to supporting Bahrain’s<br />
objective of becoming a leading real<br />
estate investment destination, both<br />
regionally and internationally. He said<br />
that by strengthening the regulatory<br />
framework governing the real estate<br />
sector, Law No. (27) will serve to<br />
identify and prohibit unlicensed real<br />
estate enterprises.<br />
He confirmed that the launch<br />
of RERA represents a significant<br />
milestone in the Kingdom’s efforts to<br />
strengthen the rules governing real<br />
estate brokerage, property valuation,<br />
real estate property management,<br />
and owners’ associations and gated<br />
communities.<br />
He added that part of the<br />
Authority’s role will be to provide<br />
best-in-class training and development<br />
programmes for real estate service<br />
providers, increasing professional<br />
standards within the sector to the<br />
benefit of all stakeholders.<br />
“RERA is committed to building a<br />
stronger real estate market. Enhancing<br />
the efficiency of the real estate<br />
sector is our primary focus, and we<br />
are confident that by safeguarding<br />
the interests of consumers,<br />
investors, brokers, developers and<br />
all stakeholders in the market, RERA<br />
will make an important contribution<br />
to Bahrain’s economic growth and<br />
increase foreign investment”, he added.<br />
Information regarding RERA’s<br />
activities is available at<br />
www.rera.gov.bh.<br />
Amlak to redevelop local<br />
markets across Bahrain<br />
Following the successful completion<br />
of Souq Al Buhair’s redevelopment,<br />
Amlak Social Insurance Organization<br />
Development Co., the real-estate arm and<br />
wholly-owned subsidiary of the Social<br />
Insurance Organisation (SIO), announced<br />
its plan to redevelop more local markets<br />
across the Kingdom, which comes in line<br />
with the Company’s strategy to serve<br />
the community and raise the standard<br />
of living.<br />
Amlak is set to transform a total<br />
of 70 shops across three existing<br />
local community markets (Souq Abu<br />
Dhar, Souq Ibn Al Waleed and Souq Al<br />
Madina), which have been selected for<br />
redevelopment based on their popularity<br />
and strategic, vibrant locations that are<br />
easily accessible given their positioning<br />
in high-density areas of Isa town,<br />
Southern Governorate. The redeveloped<br />
markets will raise the standard of retail<br />
offering for the local community by<br />
introducing modern, multi-purpose<br />
facilities with diversified retail shops<br />
aimed to cater to the daily needs of<br />
the neighborhood and surrounding<br />
communities.<br />
Amlak is currently in preparation<br />
to initiate the demolition of the<br />
existing markets in order to commence<br />
construction work by the end of the<br />
second quarter of this year, with the<br />
aim of being operational by 2019.<br />
Amlak’s strategy stems on achieving<br />
tangible benefits through a diversified<br />
portfolio in order to increase revenue<br />
and create sustainable wealth. The<br />
aim is to bridge real estate and market<br />
needs by investing in profitable<br />
development projects.<br />
68 March-April <strong>2018</strong>
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