Bahrain opens property market to foreigners
Bahrain's prime minister, Sheikh Khalifa bin Salman Al-Khalifa, has issued an edict specifying the areas in which foreigners can buy land and build, for commercial and residential purposes. The edict further permits foreigners to hold properties in the banking, financial, health and tourism sectors.
The decree, published Wednesday, March1, allows non-Bahraini nationals to own commercial and residential projects of 10-stories and more in Ahmed Al-Fateh, Hoora, Bu Ghazal, Al-Seef and North Manama. The latter area includes the Diplomatic district. Non-Bahrainis are also permitted to invest in industrial and tourism projects in Dorrat Al-Khaleej, Danat Hawar and the Amwaj Islands.
This change of policy is part of a general economic program implemented by the Bahraini government to attract foreign investors and encourage the development of the construction sector. — (Albawaba-MEBG)
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