Bahrain's five municipal councils to stop leasing lands to investors
Bahrain's five municipal councils may earn millions of dollars from partnering investors under a new nationwide scheme. A new BD170 million municipal services development fund will be established soon, with or without the approval of five municipal councils, GDN reported Tuesday.
It was give the green light from Muharraq Municipal Council members, after Municipalities and Agriculture Affairs Ministry assistant under-secretary for joint municipal services Mohammed Al Shaikh gave details of the project.
The ministry currently has 100 sites, which make up the BD170m assets of the fund, said Mr Al Shaikh.
He said 10 of these had already been put up for bids by investors, in return for partnerships in their projects.
"Currently municipalities lease lands to investors to build their projects on, but when the fund gets established we will enter as partners with investors, ensuring us more income," said Mr Al Shaikh.