Construction & Real Estate

Bahrain’s construction sector is booming, with the country using billions of dollars of Gulf Development Programme donations to remodel its airport and highway system, as well as provide tens of thousands of affordable new homes for its citizens. In 2014 year-on-year sector growth was 7.3%, and was only surpassed by the hotel and restaurant sector, and personal and social services. In the first quarter of 2015 growth was 7.5%. Meanwhile the real estate sector is continuing to recover, with retail and hospitality capitalising on growing visitor numbers in recent years. Indeed, with the hotels and restaurants sector reporting growth of 9.9% in 2014, hospitality is a sector slated for significant future growth, as many new hotel builds aim at the luxury end of the market. In terms of the retanl market, a new tenancy law is expected to remove the confusion that has surrounded rental agreements, bringing clarity for both tenants and landlords alike.

This chapter contains an interview with Faisal Faqeeh, Chairman, Bin Faqeeh Real Estate Investment; and Mohammed Khalil Alsayed, CEO, Ithmaar Development Company.