Al Tamimi & Company (“Al Tamimi”) are delighted to have assisted the Real Estate Regulatory Authority (“RERA”) in the drafting of the implementing regulations (“Resolutions”) in line with Law 27 of 2017, Concerning the Promulgation of the Real Estate Sector Regulation Law (“New Law”).
RERA was established in October 2017 to improve real estate regulation throughout Bahrain and stimulate investment opportunities within the sector. The Board of Directors was duly appointed with HE Sheikh Mohammed bin Khalifa bin Abdulla Al Khalifa appointed as Chief Executive Officer.
The New Law, together with the Resolutions, will provide comprehensive legislation for the real estate sector in Bahrain. The establishment of RERA creates the necessary government authority to implement the New Law, with such regulation providing greater structure to and confidence in the real estate market.
HE Sheikh Mohammed bin Khalifa bin Abdulla Al Khalifa, CEO of RERA, commented: “Al Tamimi have worked tirelessly with RERA since their appointment in drafting the Resolutions and providing their legal and regional experience. RERA looks forward to continuing to work with Al Tamimi in the years to come”
Tara Marlow, Partner & Head of Al Tamimi’s Real Estate practice, added: “The real estate sector in Bahrain is continuing to develop and mature. We are delighted to be part of this important project and the exciting future of Bahrain’s real estate market”.
Partner & Head of Office – Bahrain, Foutoun Hajjar, added, “We would like to take this opportunity to congratulate RERA in its successful operational launch on 01 March 2018, and look forward to supporting them with continued efforts to enhance efficiency and further stability in the real estate sector”.
© Press Release 2018