Construction & Real Estate
From The Report: Bahrain 2020
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Bahrain’s construction sector was one of the fastest-growing non-oil sectors. Its expansion was supported by a surge in investment into infrastructure for energy, manufacturing and real estate. Rates of growth and lending have risen steadily on the back of a major oil and gas modernisation programme and a number of big-ticket projects. Real estate in Bahrain has remained resilient in the face of successive macroeconomic challenges, maintaining a positive growth trajectory in recent years even as rental and occupancy rates declined across the residential, commercial and hospitality segments. While developers have struggled with oversupply and weakening demand – particularly for luxury residential space – lower property prices have created new opportunities for businesses in the kingdom, where office space remains significantly less expensive than Abu Dhabi and Dubai. This chapter contains interviews with Mohammed Khalil Alsayed, CEO, Ithmaar Development Company; and Sheikh Mohammed bin Khalifa Al Khalifa, CEO, Real Estate Regulatory Authority.