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Gateway Gulf 2018: What will it contribute to the real estate market in Bahrain?

Ranked as the country with the fastest growing economy in Gulf Cooperation Council (GCC) region in 2017, Kingdom of Bahrain has been continuously boosting its economy and supporting its economic growth through a number of initiatives and programs it has launched through the current year.

The Bahraini real estate market has been the focus of these initiatives due to its importance in the kingdom’s economy; the most notable of these initiatives is Real Estate Regulations Authority (RERA), an authority that takes on the responsibility of regulating and supervising the transactions of selling and buying properties in the Bahraini kingdom.

Accompanied with these initiatives, several exhibitions and shows have been launched and hosted in Bahrain; these events, could successfully attract a large number of real estate investors and developers including. Such events included Gateway Gulf 2018, an exhibition that took place over the course of two consecutive days from the 8th till the 10th of May 2018 which targeted all of the economic sectors of Bahrain including the energy, real estate and tourism industries.

The event was held under the patronage of Prince Hamad bin Salman Al Khalifa, the crown prince of Bahrain and the vice supreme leader of the Bahraini Armed Forces, and it attracted more than 500 regional and international real estate investors and developers who attended the event to showcase their most recent projects which had a total value that exceeds the $26bn mark, including $18bn of completed projects and $8bn of projects under development.

One of the most notable attendees of Gateway Gulf 2018, however, was the Chinese delegation who has been invited to the event to explore the new chances that were being developed in the investment environment of Bahrain as a means to support the role of the kingdom and the whole GCC region in the new silk road initiative since Bahrain houses the regional offices of many of the renowned Chinese companies.

Another notable contribution was that the UAE-based Al Sahel group has unveiled its new Jumeirah Al Sahel five star resort which will comprise 207 luxurious units varying between hotel rooms, suites and villas. The resort will be situated on the south western coast of Bahrain, and it is considered the first phase of the Al Sahel’s eponymous master development which will span more than 1.25 kilometers of the Bahraini coastal line in a location that gathers the needed isolation away from the city noises and pollution on one hand, and closeness to some of the most vital Bahraini services and facilities on the other.

Jumeirah Al Sahel will also include world-class amenities and facilities including fine dining restaurants, water parks, cinemas, and kids’ club. Jumeirah Group will be responsible for managing the resort as per its agreement with Al Sahel.

It is worth mentioning here that the Bahraini tourism sector has been the kingdom’s fastest growing economic sector last year; the number of tourists and visitors in Bahrain increased by 12% while the real estate market has witnessed a 5.5% growth and the hotels and restaurants’ sectors increased by 9.5%.

Thus, it is safe to say that the investment environment of Bahrain and its strategic location which made a vital trade hub out of it will witness pivotal changes and fiercer competition in the upcoming period as the Kingdom of Bahrain is expected to adapt more policies and initiatives to further support this growth.