The Ministry of Housing and Urban Planning held two workshops with bank heads and real estate development companies to discuss opportunities to improve government-private partnerships for housing services.
Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning; Shaikh Mohammed bin Khalifa Al Khalifa, the Chief Executive Officer of the Real Estate Regulatory Authority (RERA), attended the workshop.
The minister affirmed that government partnerships with the private sector have effectively provided thousands of housing services to citizens in a short period, especially since the launch of the Housing Finance Programme, affirming the feasibility of government visions for sustainable housing service provision.
Since the 2022 Housing Financing Programme’s launch, the ministry has received over 9,000 applications for “tasheel” financing and new category benefits, with 80% of applicant citizens transferring their housing applications from traditional services to financing options.
The Ministry responded to over 60% of these requests immediately to achieve programme’s goal, the minister added.
Al Rumaihi said that banks and commercial banks’ involvement in the housing financing programme significantly accelerated the provision of housing services to citizens by offering government-subsidized financing through the “Facilitation” programme and the “New Category Advantages”.
The ministry’s decision to cover real estate registration fees for citizens using “tasheel” financing through banks has provided more diverse housing options for citizens. This allows them to choose the entity that suits them with the same advantages.
Minister Al Rumaihi highlighted the progress in the Government Land Development programme, particularly the “Suhail” housing project.
The project, which provides 132 housing units, has been implemented 93% of the time. The Ministry plans to expand the programme’s implementation in line with the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, and is preparing a programme for implementing eight additional projects.
The Ministry signed contracts for 131 new housing units in Salman City, in partnership with Delmon Gate Real Estate Company. The programme also includes bids for projects in Al Bahir and Hoora Sanad, diversifying supply and supporting the national economy by enhancing real estate trading volume, the minister said.
This initiative provides thousands of housing services to citizens, contributing to diversification and supporting the national economy.
The minister announced that the next stage will see a greater expansion of Government Land Development programme projects, providing opportunities for the private sector to participate and provide residential units and apartments for citizens, with the ministry aiming to create diverse housing options.
RERA CEO praised the Ministry of Housing and Urban Planning’s efforts and the success of modern housing initiatives, particularly the “Suhail Housing” project.
He emphasized the significance of public-private partnerships in providing housing for citizens. He commended the ministry’s financing options, offering competitive interest rates and flexible payment terms for immediate housing units.
RERA CEO said that the authority facilitates real estate development projects by promoting flexible legislation and procedures, encouraging investment, and offering more residential projects. It works in coordination with government agencies to provide solutions for the sector.
Khalid Hamad Al Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain (CBB), noted that the bank is committed to providing a supportive and encouraging banking environment for housing financing operations, aiming for sustainability and meeting citizens’ needs.
CBB is committed to collaborating with the ministry and banks to achieve the goals of social housing initiatives as scheduled by the Housing Ministry, Al Hamad added.
BNA(R)
