Bahrain’s government has followed the lead of other Gulf states, like Saudi Arabia and Oman, and announced that it will allow foreign companies operating in the country to buy and own property to set up their projects.
A decree issued by the country’s leader, Emir Sheikh Hamad bin Isa Al Khalifa, declared that foreign-owned companies involved in trade, industry, tourism, banking and finance could own the land and buildings needed for their projects.
This latest move is another step in a more gradual process to liberalize the Bahraini economy. In 1999, nationals of other Arab Gulf states were allowed to own property for the first time, including real estate. – (Abawaba-MEBG)
© 2001 Mena Report (www.menareport.com )