Bahrain Chamber signs MoU with property development association

TDT| Manama

The Bahrain Chamber of Commerce and Industry (BCCI) and the Bahrain Property Development Association (BaPDA) signed a Memorandum of Understanding (MoU) aimed at carrying out a comprehensive study on the challenges of the real estate sector at the current stage, and setting a road map for the market after the coronavirus (COVID-19) pandemic.

The MoU was signed by BCCI chairman Sameer Abdulla Nass and BaPDA chairman Aaref Hejres, in the presence of BCCI deputy CEO Dr. Abdulla Badr Al Sada and a number of officials from both sides. The BCCI chief emphasised that the signing of the memorandum comes as both sides are keen to promote the growth of the real estate sector in the Kingdom, and to benefit from the expertise that BaPDA representatives possess to address the present challenges.

The BCCI chairman added that, according to the agreement, the two sides will contribute to the exchange of ideas that would fuel the development of the property sector and help business owners overcome the negative effects created by COVID-19 on various real estate projects.

The BaPDA chairman stressed that no effort will be spared in achieving the desired goals of the study, with the hopes that it lays a sound foundation for the future of real estate in Bahrain, especially after the coronavirus crisis. He pointed out that the MoU comes in the spirit of partnership and it allows for optimal use of the available resources and exchange of experiences from both sides.