Bahrain Property Development Association (BAPDA) Chairman Aref Hejres today hailed the establishment of a committee in charge of addressing stalled real estate projects by royal decree 14 of 2015.
"The formation of the redress panel is a serious and promising step which follows decree law 66 of 2014 on settling stalled real estate projects", said Hejres, who is also Diyar Al-Muharraq managing director and board member.
He stressed the importance of coming out with radical solutions to address the issue of stalled real estate development projects, describing the establishment of the panel as a crucial step on the right path. In a statement today, he expressed the hope that an expedite solution would be found to address the stalled real estate projects so as to protect the interests of investors and beneficiaries as well, adding that the recent property law would ensure more guarantees for investors and other parties.
He paid tribute to His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa for his directives, hailing the follow-up of His Royal Highness Prince Salman bin Hamad Al-Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister.
He also lauded the ministerial committee for reconstruction and infrastructure, chaired by Deputy Premier Shaikh Khalid bin Abdulla Al-Khalifa, for its crucial efforts to survey stalled projects and suggest plausible solutions in cooperation with the private sector as a key partner in the process.