MANAMA: More than 55 leading exhibitors from the region are showcasing over 100 projects worth $20 billion at Bahrain International Property Exhibition 2017 (Bipex 2017) which opened yesterday.
The three-day event is being organised under the patronage of Deputy Prime Minister and the Ministerial Committee for Reconstruction and Infrastructure chairman Shaikh Khalid bin Abdulla Al Khalifa at the Bahrain International Exhibition and Convention Centre.
The 10th edition of Bipex is being held amidst favourable conditions for the real estate sector, foremost after the ratification of the Real Estate Regulatory Law last July by His Majesty King Hamad, said the event organisers, the Bahrain Society of Engineers (BSE).
This was followed by the approval of the Cabinet to establish and organise the Real Estate Regulatory Authority and appointing a chief executive of the new authority.
These procedures aim to develop Bahrain’s real estate sector and enhance the investment environment in accordance with the provisions of the Real Estate Regulatory Law.
The exhibition highlights the key role of economic diversification efforts in the kingdom especially with the mega achievements of both the infrastructure and real estate sectors.
Bipex 2017 also seeks to highlight the importance of economic development and increase investment opportunities in the kingdom.
“This year the exhibition will be hosting over 55 exhibitors for three days where they will showcase projects worth over $20bn,” BSE chairman Massoud Al Hermi said.
Last year, Bipex had attracted more than 8,000 visitors, of whom about 25 per cent came from abroad, he said.
Lauding Shaikh Khalid for his sponsorship of the exhibition, Mr Al Hermi said: “The exhibition has succeeded in establishing its position on the region’s real estate events agenda. This had greatly helped foster Bahrain’s position as a preferred regional destination for real estate investment.”
Bipex has developed remarkably in past couple of years, he added.