Leading legal firm Al Tamimi & Company said it had played a key role in helping Bahrain’s Real Estate Regulatory Authority (Rera) draft the implementing regulations in line with Law 27 of 2017 concerning the Promulgation of the Real Estate Sector Regulation Law.
Rera was established in October last year to improve real estate regulation throughout Bahrain and stimulate investment opportunities within the sector. The board of directors was constituted with Sheikh Mohammed bin Khalifa bin Abdulla Al Khalifa appointed as the chief executive officer.
Lauding the company’s work, Sheikh Mohammed said: “Al Tamimi have worked tirelessly with Rera since their appointment in drafting the resolutions and providing their legal and regional experience. The Authority looks forward to continuing to work with Al Tamimi in the years to come.”
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 law, with such regulation providing greater structure to and confidence in the real estate market.
Tara Marlow, a partner and head of Al Tamimi’s Real Estate practice, said: “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.”
Foutoun Hajjar, partner and head of office at Bahrain, congratulating Rera on its successful operational launch on March 1, said: “Al Tamimi looks forward to supporting the authority with continued efforts to enhance efficiency and further stability in the real estate sector.”