Manama, February 8 (BNA): Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning and Chairperson of Eskan Bank’s Board of Directors, convened a larger meeting with heads and representatives of Bahraini commercial banks and real estate development firms in order to carry out His Majesty King Hamad bin Isa Al Khalifa’s directives to expedite housing projects in order to deliver 50,000 new housing units.
Housing Minister holds meeting with property developers and banks
Within the scope of strengthening the public-private sector relationship, the meeting explored ways to broaden collaboration in order to deliver social housing services and diversify housing and financing choices in accordance with people’ requirements.
As part of its sustainable development strategy under the Government Plan (2023–2026), Minister Al Rumaihi emphasized the government’s commitment to strengthening partnerships with the business sector, under the leadership of Crown Prince and Prime Minister His Royal Highness Prince Salman bin Hamad Al Khalifa. According to her, this strategy increases housing and financing possibilities, boosts real estate sector stability, and enhances the caliber and speed of housing services.
The Government Land Rights Development Program and housing finance programs, which provide more flexible alternatives and drastically cut down on waiting times, are essential to social housing policy, the housing minister emphasized.
Updates to the Tumooh program were also highlighted by her, who described it as a strategic pathway that supports apartment ownership by providing flexible financing that enables individuals to own houses that are appropriate for their present budgets with future upgrading opportunities.
Minister Al Rumaihi pointed out that by collaborating with developers to use government land, the Government Land Rights Development Programme has expedited project completion and offered premium homes at reduced costs. Plans to further expand the program are supported by the success of the projects that have been completed under it.
The housing minister emphasized the initiative’s successful outcomes when speaking about the off-plan sales program for projects under the Government Land Rights Development Program. Following the completion of the tender award process, the finalization of contractual and technical arrangements, and the opening of reservations by the developer, the program permits property developers to sell units in projects.
According to her, the initiative helps both developers and citizens because it allows the former to choose their unit’s location in advance and obtain home finance as soon as the unit is reserved. As a result, developers have more financial flexibility to construct the units and can start promoting the project sooner, increasing the likelihood that they will sell units before construction is finished.
After opening Danat Sanad, the first off-plan project under the Government Land Rights Development Program, which comprises of 47 housing units, Minister Al Rumaihi also emphasized the program’s success.
She stated that the Private Land Development Rights Program seeks to assist Bahraini real estate developers in expanding the number of housing projects at costs commensurate with the value of the housing finance accessible to the public. According to her, the first housing developments under this program will soon get underway, giving the private sector the chance to help supply high-quality housing and expanding the options accessible to individuals.
The program, according to the housing minister, represents a new stage of government assistance for private sector businesses to provide social housing projects at costs that are in line with residents’ housing budgets, therefore contributing to the expansion of the housing stock.
She emphasized that private sector partnership programs stimulate the economy by boosting the real estate market and strengthening the role of the banking and financial sectors, transforming social housing from a basic service into a vital component of overall development.
The CEO of the Urban Planning and Development Authority, Ahmed Abdulaziz Al Khayat, described how urban planning helps these collaborations by facilitating plan approvals and guaranteeing construction integration. He also emphasized the authority’s recent successes in planning every area of the Kingdom.
Eskan Bank’s general manager, Abdulla Taleb, stated that the bank keeps the banking industry informed about new financing initiatives, regulations, and strategies to speed up the distribution of funds to citizens. This also holds true for the amenities offered to real estate developers. In order to give citizens the help they need, he also mentioned the digital services provided by the Baity (My House) real estate platform, which is seeing an increase in banking offerings and real estate projects.
At the end of the discussion, bank executives and real estate developers emphasized the value of continuing direct communication with the ministry and stepping up collaborative efforts to launch creative projects that satisfy the country’s housing goals. In order to accomplish the intended aims, they decided to keep holding coordination meetings.
