Probe into real estate stagnation in Bahrain extended

MPs yesterday extended by four months a probe into economic and real estate “stagnation” in the country.

The investigation focuses on six core issues.

They are: Closure of several local businesses; cancellation of commercial registrations (CRs) by the owners; a rise in the number of dud cheques; an increase in the number of financial disputes in courts; visibly empty shops and apartments; and failing projects in the real estate sector.

However, some MPs have called for the committee to be suspended due to the Covid-19 crisis.

“When the market was in stagnation for unexplained reasons there was something to investigate, but now things are different with Covid-19 and there is nothing to look into,” said Mahmood Al Bahrani.

The government needs time to help rejuvenate the market and our investigation wouldn’t achieve anything.

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