Shaikh Mohammed bin Khalifa Al Khalifa, the Chief Executive Officer of the Real Estate Regulatory Authority (RERA), emphasized Bahrain's commitment to providing supportive facilities and incentives to enhance the confidence of investors and traders in the real estate sector within the promising prospects of the knowledge-based and competitive Bahraini economy.
He highlighted the ongoing efforts to introduce initiatives that offer optimal investment opportunities in the real estate sector, aiming to strengthen the kingdom's diversified, business-friendly, and transparent investment environment. This strategy, he emphasized, will solidify Bahrain's position as a sustainable destination for investment.
Shaikh Mohammed bin Khalifa made these remarks during a press conference on the launch of the national real estate data bank platform (Aqari Data Bank), held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
The Aqari Data Bank is designed to provide accurate and up-to-date real estate information to the government, private sector, and investors. Operating through an integrated electronic platform, it offers details on real estate transactions, property specifics, maps, land classification, and the locations of commercial complexes, healthcare facilities, and educational institutions. The platform is an integral part of the National Real Estate Sector Plan (2021-2024).
Shaikh Mohammed bin Khalifa underscored that the "Aqari" platform aims to furnish relevant government agencies with real estate sector indicators, facilitating informed decision-making. Additionally, it supports individuals interested in trading and investing in real estate by assisting them in making sound economic and investment decisions based on reliable and transparent information from official sources.
This, he stated, aligns with the principle of transparency for all investors and traders in the real estate sector, providing them with continuous updates on the latest developments to enhance investor confidence and attract investments.
The CEO highlighted that "Aqari" is a central, trustworthy national source for real estate information, leveraging artificial intelligence and technology in the real estate field.
Shaikh Mohammed bin Khalifa commended the collaborative efforts of various government agencies, including the Ministry of Municipalities Affairs and Agriculture, the Ministry of Works, the Ministry of Housing and Urban Planning, the Ministry of Industry and Commerce, the Survey and Land Registration Bureau, the Central Bank of Bahrain, the Electricity and Water Authority, the Information and e-Government Authority, the Urban Planning and Development Authority, the Bahrain Tourism and Exhibitions Authority, and the Eskan Bank. He acknowledged their coordination with RERA in providing the "Aqari" platform with the necessary and updated information.
He emphasized that the platform will offer a wealth of information based on the nature of subscription, providing advantages such as an interactive map displaying all real estate information, details on real estate development projects, transactions, building permits, land classification, tourism and hotel statistics, ongoing infrastructure projects, lists of real estate professionals, information on built and unbuilt lands, building occupancy rates, areas owned by foreigners, and details on commercial complexes, archaeological monuments, educational, health, and sports facilities. Overall, the Aqari Data Bank platform aims to provide comprehensive information essential for real estate investors.