H.E. Sheikh Mohammed bin Khalifa Al Khalifa, Chief Executive Officer of RERA, met with the Economic Development Board team to discuss improving the efficiency and effectiveness of digital practices in the real estate sector through the RERA’s initiative to pioneer the real estate technology (PROPTECH) and to implement innovative methods and solutions including the use of real estate technology and digital transformation mechanisms.
During the meeting, latest developments were discussed in the digital transformation of the real estate sector and a number of topics of common interest, which will contribute to the progress, development and sustainability of the real estate sector and provide a transparent regulatory environment that will encourage attracting investment and protecting all end users in this sector.
In order to accomplish some of the proposals stated in the National Real Estate plan and due to the progress of the digital infrastructure in the Kingdom of Bahrain in relation to Information and Communication Technology at an accelerated pace, and based on the latest studies and research prepared, by the research organization Startup Genome, which classified the Kingdom of Bahrain as an active climate environment In terms of the availability of funding for start-ups, despite the Corona pandemic effects, this puts Bahrain in the top 10 countries in the Middle East, Africa, and North Africa for early financing.
RERA seeks to take advantage of this digital transformation and growing investment opportunities and direct it to the real estate sector, to position the Kingdom of Bahrain as a leader in real estate technology.
His Excellency stressed the interest of RERA to promote the real estate sector that plays its role as one of the main important economic pillars in the economy of the Kingdom of Bahrain.
This meeting was attended by members of Economic Development Board team, Mr. Ali Murtaza, Executive Director Co-Investment Opportunities, Mr. Musab Abdullah, Executive Director Investment Development and Mr. Munther Al Mudawi, Senior Manager Investment Development.
His Excellency added that RERA is taking all necessary measures to ensure the sustainability of the growth achieved in the performance of the real estate sector and maintain the important position and its positive contribution to the growth of GDP of the Kingdom of Bahrain, and that all RERA efforts is based on legal framework and effective procedures to achieve sustainability and competitiveness in this sector.