Cancellation of Flexi Permit system welcomed by Bahrain Contractors Society
Prince Salman also scrapped the existing system of recovering infrastructure costs related to the issue of building licenses in the country
Bahrain’s Crown Prince and Prime Minister His Royal Highness Prince Salman bin Hamad Al Khalifa’s recent decision to revoke the Flexi Permit system in the country has been welcomed by the Bahrain Contractors Society.
According to the society, the Flexi Permit cancellation will enable 2,000 local contractors to resume operations and creates ideal conditions for employees.
In addition, the society lauded Prince Salman’s move to scrap the existing system of recovering infrastructure costs related to the issue of building licenses, and thanked him for the investment possibilities that will be provided to encourage public-private partnerships.
In August 2022, Bahrain’s real estate transaction volumes were on a positive trajectory according to the CBRE.
The society said it applauded the Prince’s commitment to preserving Bahrain’s labour market and enhancing the function of the private sector in the national economy.
Society Secretary and businessman Nawaf Al Jishi said initial monitoring by the society revealed that the Crown Prince and Prime Minister’s significant decision will restore more than 2,000 records of Bahraini-owned firms, as the flexible visa policy had negatively impacted their operations and prompted them to exit the market.
Al Jishi commented, “Other contracting firms’ business has dropped dramatically as a result of the dominance of flexible visa holders and workers of other nationalities in the contracting market, as well as a halt in construction operations due to infrastructure expenses. Contractors believe that these crucial decisions, particularly the suspension of fees for recovering infrastructure costs, will considerably assist in the revival and recovery of the real estate industry.”
In September 2022, CBRE said that it was appointed to manage and lease Bahrain’s Once Mall while a little later in the month, NBB Group announced that it had outfitted four branches with solar panels to cut carbon emissions in the Kingdom.
He added, “With the upcoming real estate exhibitions in Bahrain over the next two months, it is expected to offer rewarding investment opportunities and will likely see the launch of key real estate projects in the Kingdom that will contribute to progressing the real estate and contracting markets together,” remarked Al Jishi.
He also pointed out that both these decisions were significant ones for the contracting and real estate markets, as they are linked to more than 40% of other economic activities such as loans, transportation, storage, and others.
He concluded by saying these sectors are amongst the largest in Bahrain that contribute to the Kingdom’s GDP, after the oil and financial sectors.
In September 2022, Diyar Al Muharraq said it had completed secondary infrastructure works at Mozoon.
