Head of “Real Estate Organization: We will prevent violators from practicing the real estate profession without a license

The CEO of the Real Estate Organization Corporation, Sheikh Muhammad bin Khalifa Al Khalifa, stressed that the Foundation has been the organization since the start of its work, in the license for 277 real estate broker and 47 developers working in the profession’s practical license in addition to giving 12 licenses to advertise Starting from the beginning of next September, he explained in a statement to “Al -Watan” that the institution will prevent violators from practicing the real estate profession without a license in order to raise the level of the real estate market productivity, according to the penalties stipulated in the Real Estate Organization Law No. 27 of 2017, considering that the most important in the current stage is the number of projects offered that will be licensed to ensure the right of the consumer to buy, in addition to ensuring the right of the investor himself. The third place in the Gulf and the 25th globally in the real estate sector is occupied according to the official data issued by the World Bank in the period before the organization’s organization, expressing the seriousness of the institution’s endeavor towards effective development, as Bahrain was chosen in that advanced rank due to the presence of many laws, in addition to the speed of procedures and their guarantee in terms of policies followed in the sector, expecting that the rank achieved by the Kingdom in the past is heading to rise after the issuance of The Foundation and its laws and organizational and executive regulations were clarified. On the sidelines of the meeting that took place with the Board of Directors of the Bahrain Chamber of Commerce and Industry on Tuesday, the Foundation reviewed the tasks that it carried out in the previous period since its foundation, where the most important common points were reviewed to develop and formulate executive regulations, indicating that the most important observations that were raised during the meeting were related to the owners ’federations in addition to investing in the same sector with creating appropriate solutions To develop it, considering that the organization of the sector is an important factor as the Foundation seeks to solve some difficulties in cooperation with the Chamber, pointing out that the meeting resulted in the existence of a joint committee between the Chamber and the Foundation for Coordination and Cooperation in the same context, stressing that the private and governmental sector will be involved in the organizational process of the real estate sector, indicating that the institution focuses at the present time on issuing licenses effectively and developing the website. People that the Chamber reviewed during the meeting the latest developments with regard to the work of the institution, and said: “We are optimistic about the real estate sector with the existence of the law that gives its guarantee to real estate investors,” considering that the organization of the sector is important is important after raising a lot of fear due to the presence of many foreign developers who entered the real estate market due to the lack of a law regulating the sector. People confirmed that the law will be an attraction for external investment in the real estate sector, while cooperation will extend Between the Chamber and the Foundation through the Real Estate and Construction Committee in the Chamber, in addition to making a memorandum of understanding to establish a joint council to determine any obstacles in the sector and developing the law if the need arises, considering that the real estate organization law preserves the rights of everyone in terms of developers and investors as it will not have any impact on prices in the real estate market. Calling for the importance of strengthening joint cooperation between the Chamber and the Foundation during the coming period and intensifying the establishment of joint events and meetings that will have the effective impact on the growth of the real estate sector in the Kingdom, especially since this vital sector is one of the main tributaries of Bahrain’s economic vision for the year 2030, pointing to the importance of strengthening a different role for non -oil sectors and maximizing its return in a sustainable way in the national economy in a way that benefits the country and the citizen, stressing the important role in which it plays The Foundation in strengthening Bahrain’s position as a preferred destination for real estate investment in line with the directives of the esteemed government headed by His Royal Highness Prince Khalifa bin Salman Al Khalifa, the esteemed Prime Minister, and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Deputy Supreme Commander, First Deputy Prime Minister, towards strengthening the contributions of the vital sectors in the national economy, stressing at the same time the support and support of the Chamber of the Real Estate Organization Corporation aimed at building a strong real estate sector And a sustainable in the Kingdom. For his part, the financial secretary of the CEO of the Bahrain Chamber of Commerce and Industry, Aref Hajras, praised the efforts and endeavors of the institution to enhance the efficiency of the market and real estate services in order to preserve the interests of consumers and investors and all participants in the real estate market, including intermediaries, organizers and real estate, in addition to supporting and encouraging sound business ethics in the real estate sector, welcome to cooperate between the Chamber and the Foundation In a manner that leads and contributes to the development and development of the local economy and attract foreign investment.

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