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Bahrain has approved the National Real Estate Plan in its weekly cabinet meeting, state owned Bahrain News Agency said on Tuesday.
Chaired by Prince Salman bin Hamad Al Khalifa, the Crown Prince and the Prime Minister, the cabinet had approved the plan on Monday.
The plan includes five initiatives and 17 projects, covering laws and regulations, long term plans for the development of the real estate sector and operational initiatives to increase the sector’s economic output, according to Bahrain News Agency.
The National Real Estate Plan lays out a comprehensive plan to develop the sectors’ activities and professions in accordance with international best practices and includes initiatives to attract capital using advanced management programs and modern technology. The implementation of the plan will be followed up periodically and performance measured at different stages, according to the RERA (Real Estate Regulatory Authority) website. The plan was approved by RERA in February 2021 and submitted to the cabinet for final approval.
Post-cabinet approval RERA has announced today that the plan will be implemented during the period 2021-2024.
