In a collaborative effort between the Bahrain Association of Banks (BAB) and the Real Estate Regulatory Authority (RERA), a noteworthy workshop was recently organized to familiarize banking and financial institution members of the Association with the newly launched National Real Estate DataBank (Aqari) platform. The initiative aimed to spotlight the potential role of the financial sector in optimizing the utilization of this platform.
During the workshop, His Excellency Sheikh Mohammed bin Khalifa Al Khalifa, CEO of RERA, underscored the significance of the event as part of a comprehensive series of introductory workshops orchestrated by RERA. These sessions strategically target stakeholders within the real estate domain and investors, providing insights into the intricacies of the “Aqari” project. The emphasis remains on elucidating the platform’s distinctive features and demonstrating its efficacy in refining major real estate ventures, aiming to empower stakeholders to make more informed, less precarious decisions, thereby creating fertile ground for lucrative investment opportunities.
In his address, His Excellency Sheikh Mohammed bin Khalifa Al Khalifa emphasized the pivotal role that banks play in the real estate sector, serving as key partners by offering financing options for diverse projects, spanning residential units to commercial facilities. The “Aqari” platform, as elucidated during the workshop, offers a comprehensive repository of information, enlightening financial institutions on the myriad benefits they stand to gain for both investment and economic research endeavors.
Dr. Waheed Al Qassim, the CEO of the Bahrain Association of Banks, underscored the significance of the collaboration with RERA, emphasizing the association’s commitment to keeping its members abreast of key developments within the banking sector, particularly in relation to the closely intertwined real estate sector. This collaboration, he noted, aligns with the association’s dedication to contributing to the overall economic growth in the Kingdom of Bahrain.
Dr. Al Qassim highlighted the “Aqari” platform as a pivotal component of the digital transformation underway in the real estate sector. He pointed out that this transformation aligns seamlessly with the advanced digital services offered by banks, fostering a drive towards greater integration between the financial and real estate sectors. The dynamic synergy between these sectors, as facilitated by platforms like “Aqari,” reflects a concerted effort to propel economic growth and innovation in the Kingdom.
During the workshop, His Excellency Sheikh Mohammed bin Khalifa Al Khalifa delivered an extensive overview of the “Aqari” platform and its array of services. The platform stands as a unified digital national system, serving as the primary source for comprehensive, precise, and reliable real estate data derived from the authentic landscape of the Kingdom of Bahrain.
His Excellency CEO of RERA highlighted that the “Aqari” platform incorporates cutting-edge artificial intelligence techniques and real estate technology, adhering to unified standards for classifying real estate information. This approach facilitates seamless exchange and handling of data, representing a significant advancement in the processing of real estate transactions within the Kingdom.
His Excellency Sheikh Mohammed bin Khalifa Al Khalifa further expounded on the pivotal role of the platform, aligning its objectives with the RERA National Plan. Emphasizing one of its key pillars, the plan strives to foster an economic environment that attracts both local and foreign investments. This pursuit involves close collaboration between government entities and the private sector, with the overarching goal of attaining milestones that position the Kingdom of Bahrain as a foremost hub for real estate innovation on both regional and global scales. The “Aqari” platform, with its innovative features and strategic alignment with national objectives, stands poised to contribute significantly to these aspirations.
