Gulf Daily News - 25/5/2006
A BAHRAIN-based real estate investment company is ready to invest millions to build affordable housing projects in Bahrain as soon as the government introduces policies to protect such investments.
RealCAPITA finance vice president Hassan Mansour wants the government to speed up plans to introduce new regulations that encourage the private sector to become the driving force for Bahrain's housing developments, including those targeting low-income families.
The company has already joined hands with Casablanca-based Jet Group to undertake the development of a 350 million euros (BD171.605m) affordable housing project in Morocco.
The partnership will develop over 16,000 affordable housing units within secured gated communities, spread across Morocco - Casablanca, Agadir Marrakesh, Tangier, Nador, and Tetouan.
RealCAPITA president Mohammed Al Tawash said the investment was possible because of new regulations introduced by the Moroccan authorities, which provide real incentives for the private sector to invest in the real estate centre. "We believe that the Moroccan plan is a good model that can be applied in Bahrain with some modifications."
Bahrain has announced it is planning a major policy shift to encourage private sector involvement in the housing market.