As part of His Majesty King Hamad bin Isa Al Khalifa's executive plan to accelerate housing projects to provide 50,000 new housing units H.E. Ms. Amna bint Ahmed Al-Rumaihi, Minister of Housing and Urban Planning, held an extensive meeting with the heads and representatives of real estate development companies and commercial banks in the Kingdom of Bahrain. To discuss expanding the path of government-private partnerships to provide social housing services to citizens and further diversify beneficiaries' financing and real estate options, introducing real estate companies and banks to a financing system "Facilitation +", which joins other financing options offered by the Ministry, within the course of housing financing programmes that contribute to diversifying the options offered to citizens and increase the quality of housing services.
During the meeting, Minister Al-Rumaihi underlined the Government's desire under the chairmanship of His Royal Highness Prince Salman bin Hamad Al-Khalifa, Crown Prince and Prime Minister of the Council of Ministers, to strengthen partnership with the private sector in order to contribute to increasing and diversifying housing solutions for citizens in accordance with the priorities of the Government Programme (2023-2026), noting the positive results achieved in the Housing Finance Programme and the Government Land Development Rights Programme, which contributed to the provision of thousands of immediate housing services to citizens, reflecting the success of the Government's vision to involve the private sector in housing services programmes for citizens, with the accumulated resources, potential and expertise of this sector, both at the real estate and banking levels.
Minister Al-Rumaihi reviewed the developments in the course of housing finance programmes and the launch of the financing of "Facilitation +", stressing that the launch of the "Facilitation +" will strengthen the partnership with the private sector, which has proved successful in diversifying choices for citizens and accelerating the pace of the provision of housing services, especially with the high demand for the financing option.
The launch of the "Facilitation +" as the latest financing options for the provision of housing services to citizens financing options provided by the Ministry and the Housing Bank in cooperation with the funding banks involved in the programme, The accompanying progress in providing housing projects implemented by real estate developers through the Government Land Development Rights Program The Ministry and the Housing Bank, through their partnerships with real estate developers, seek to provide more projects commensurate with the value of the finances benefited by citizens.
In a related context, Minister Al-Rumaihi commended the banking facilities provided by commercial banks to citizens and the competitive financing offers that contribute to providing citizens with support for an immediate housing service, stressing that the positive results of the financing trajectory reflect the contributions of banks and real estate companies to the system of providing housing to citizens.
The Minister explained that the launch of the "Facilitation +" funding will contribute to expanding the partnership with the private sector by strengthening cooperation and partnership with the private sector to provide housing services, thereby contributing to the diversification of options for citizens and increasing the quality of housing services, as well as expanding the range of beneficiaries of housing finance.
For their part, the heads and representatives of real estate developers and commercial banks stressed that the involvement of the private sector in the provision of social housing services has contributed mainly to meeting the aspirations of citizens with housing demands. It also contributed to positive results in terms of high real estate trading rates, directly reflecting the strengthening of the national economy. They appreciated the Government's trend to include the private sector in the system of providing social housing services to citizens.
Representatives of real estate development companies and commercial banks also expressed their willingness to continue expanding the partnership with the Ministry of Housing and Housing Bank, with a view to achieving common goals and providing more housing solutions that meet citizens' aspirations.
Virtual Assistant
