Alsayed and Al Hermi, right

Property expo ‘returns to Bahrain’

MANAMA, 1 hours, 26 minutes
ago

In a sign of renewed confidence in Bahrain’s economy, a property exhibition on hold for the last five years due to unrest in the country will return in November.

The Bahrain International Property Exhibition (BIPEX) was last held in November 2010 because of the financial downturn caused by unrest that erupted a few months later in 2011, said a report in the Gulf Daily News (GDN), our sister publication.

However, organisers Bahrain Society of Engineers (BSE) yesterday said the expo will be held from November 5 to 7, under the patronage of Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa, due to renewed trust in investment in Bahrain.

“We stopped for five years because of what the region went through, including Bahrain,” said BSE president Masoud Al Hermi during a Press conference at the Four Seasons Hotel Bahrain Bay.

“Property prices suffered negatively as a result, and recently they have been getting better.

“The government has been taking part in infrastructure, including electricity and water, as well as airport upgrades and housing developments.

“The latest [property] laws are also important because they give people trust that things are getting better and through this we have decided to hold this property exhibition.

“It’s a place for interest groups to get together and show projects and the needs of the people through meeting people at the expo, both local and international.

“This show marks a return of the people’s confidence and trust.”

Under the new real estate development law, anyone embarking on a new project must submit complete plans, including a start and completion date, designs and artists’ impressions – as well as a value estimate for the scheme calculated by an engineering firm and ratified by the Engineering Practices Regulatory Committee.

In addition, they must deposit 20 per cent of the project’s value with the Works, Municipalities and Urban Planning Affairs Ministry, have a bank account in the project’s name and sign an agreement to waive 5pc of the deposit in the event of future compensation appeals.

It also bans developers from selling properties “off-plan” without government permission.

It will force developers to open escrow accounts for each project they are involved in and deposit all of the project’s funding, including loans from banks, up front.

BIPEX organising committee chairman Mohammed Khalil Alsayed said the event was a “key expo” in the region.

“We didn’t hold it in the last five years because of political turmoil and accompanying economic downturn,” he said.

“BIPEX is a pioneer in key exhibitions, [bringing together] builders, engineers, investors and end users and is the only non-profit property expo in the region.

“We have a steadfast determination to bring it back with renewed vigour and focus, amid significant challenges globally and regionally.

“Bahrain has been reviving stalled projects like Amwaj Gateway and Marina West through concrete steps that the Cabinet has taken.

“The new law also gave greater comfort to investors, as well as project expansions of the King Fahad and King Hamad causeways.

“The wait and watch time is over, we have the highest uptick than previous years.

“The decline of oil prices has also stopped for now at mid-$60s. Set amidst this backdrop, we’re well placed to relaunch BIPEX.

Impressive

“Our last expo had a $55 billion showcase and hope to have another impressive value this year.

“Expect the exhibition to include developers, legal and consulting, from Bahrain, region and world.”

He added a forum will be held during the expo this year to give investors and industry professionals a chance to discuss investment in Bahrain.

The GDN earlier reported that developers of existing projects that have stalled will also be obliged to comply with the law within six months of it being enacted.

All stalled projects are currently being referred by the Cabinet to a special committee formed to take necessary action to complete delayed developments.

The ministerial committee for urbanisation and infrastructure has investigated 10 stalled projects, including Amwaj Gateway and Marina West.

The two developments were referred to a judicial committee in March, set to be settled within 18 months. – TradeArabia News Service