Real estate dealers assured

Manama, May 17 (BNA): Deputy Prime Minister also Head of the Ministerial Committee on Construction and Infrastructures, Shaikh Khalid bin Abdullah Al Khalifa, assured all Bahraini, Gulf and expatriate property dealers the Government has begun to take remedial and preventative actions to end the dossier of stalled real estate projects. Shaikh Khalid told Al Sharq Al-Awsat newspaper that Bahrain began remedial steps to preserve and restore the rights of dealers and strives to end this dossier with least of losses, these steps which reached the zenith and as per legally-guaranteed powers, include the replacement of boards of directors of non-cooperating companies having stalled projects or selling these projects in public auctions. Regarding preventative measure, the Deputy Premier said the legislative authority recently endorsed a law ratified by His Majesty the King which regulates the process of real estates, pointing out that this law constitutes a surety to avoid the recurrence of this dossier which is ascribable to the crisis of property mortgaging which led to the global financial crunch in 2008. The Minister of Works, Municipalities Affairs and Urban Planning, Essam bin Abdullah Khalifa, announced the issuance of the Executive Code for Law 28/2014 regarding property development, asserting readiness to enforce the law. In a related context, the Committee for Settlement of Stalled Property Projects on Thursday announced it had received three proposals from the attorney of Marina West developers. The committee is currently studying these proposals to approve, accept, amend or reject one of them.