Bahrain 100% foreign ownership of businesses positive for real estate market – Cluttons

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According to the report by real estate consultancy Cluttons, The Bahraini government’s recent decision to allow 100 % foreign ownership of businesses is expected to have a ‘positive’ effect on its property market,

The decision was stated earlier this week following permission from Prime Minister Prince Khalifa Al Khalifa.

The Bahraini cabinet announced in a statement, ‘Bahrain will hold a good chance to grow its rating on the index of Facility of Starting Business, An asset which will support leading international firms to build in Bahrain, The gate to the GCC and the region’

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Picture Courtesy: www.cluttons.com

The government will allow 100% ownership in sectors such as residency, administrative services, real estate, health and social work, manufacturing, information and communications, and technical activities under the new law.

Head of research at Cluttons Faisal Durrani stated, ‘For the property market, Bahrain already allows a competitive advantage to many other regional places as residential and commercial pays and values are amongst the most engaging in the region. There is unpromising to be an overnight hike to real estate prices and rents, but it will absolutely help to establish long-term activity and we will require reassessing our medium to long term predictions as a result of the announcement’.

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Picture Courtesy: www.citypassguide.com

He added the new decision is likely to bring companies to set up a Middle East foothold in Bahrain.

Harry Goodson-Wickes, the Head of Cluttons Bahrain and Saudi Arabia stated: ‘The government’s decision to approve 100% foreign ownership is an important improvement for Bahrain. Economic growth in the country had been repressed ever since oil prices fell from record highs 2 years ago and the decision will likely have positive implications for business. The move will also increase investor confidence and make Bahrain an engaging place to work and live in’.

Skyline of Manama city, Bahrain, Middle East

Picture Courtesy: salaamgateway.com

He added the new decision is likely to bring companies to set up a Middle East foothold in Bahrain.

Harry Goodson-Wickes, the Head of Cluttons Bahrain and Saudi Arabia stated: ‘The government’s decision to approve 100% foreign ownership is an important improvement for Bahrain. Economic growth in the country had been repressed ever since oil prices fell from record highs 2 years ago and the decision will likely have positive implications for business. The move will also increase investor confidence and make Bahrain an engaging place to work and live in’.

Source Url: http://propertyfind.ae/bahrain-100-foreign-ownership-of-businesses-positive-for-real-estate-market-cluttons/

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