The Bahrain Contractors Society has welcomed the decision of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of Bahrain, to revoke the flexible work permit and thus create ideal conditions for employees.

According to the Society, the Flexi Permit cancellation will enable 2,000 local contractors to resume operations.

The Society also lauded the HRH Prince Salman's move to scrap the 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 this regard, the Society noted His Highness' commitment to preserving the labour market and enhancing the function of the private sector in the national economy.

Society's Secretary and businessman Nawaf Al Jishi said initial monitoring by the Society revealed that HRH 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.

"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," stated Al Jishi.

"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," he noted.

"With the upcoming real estate exhibitions in Bahrain over the next two months, it is expected to offer rewarding investment opportunities as well as it is likely to 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 pointed out that both these decisions were significant ones for the contracting and real estate markets in particular, as they are linked to more than 40% of other economic activities such as loans, transportation, storage, and others.

Also these are regarded as one of the largest sectors contributing to the Kingdom of Bahrain's GDP after the oil and financial sectors, he added.

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