Eighty-nine multi-million dinar investment opportunities have been made available on government lands over the past three years.
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa told MPs, in writing, that the plots were offered through the Government Land Investment Platform (investmentland.gov.bh) from 2022.
He said a total of 42 properties belonged to the Finance and National Economy Ministry, 15 to the Municipalities Affairs and Agriculture Ministry, 16 to the General Sports Authority, seven to the Housing and Urban Planning Ministry, 11 to Eskan Bank, three to the Industry and Commerce Ministry, and one each was from the Survey and Land Registration Bureau and the Bahrain Tourism and Exhibitions Authority.
“The lands have been leased for medical facilities, private schools and universities, commercial and industrial activities such as shops, malls and factories, and power, energy and logistics,” said Shaikh Salman.
“There are many examples of our success in promoting government property with Al Luzi Residences seeing 132 homes built, phase two of The Avenues Bahrain and Seef Down Town, all in partnership with the private sector,” he added.
“Ten investment projects ranging from education, housing and services have been recently awarded through the platform. They will boost the construction and building materials sector, while providing quality job opportunities for Bahrainis.”
Shaikh Salman was replying to a question by MP Mohammed Al Rifai on the investment platform.
The minister also revealed that the government was working on a financial recovery plan with focus on diversifying sources of income and lowering operational costs.
Bahrain’s public debt had reached BD17.9 billion by the end of 2023, he said. The debt was associated with a BD843 million interest.
The minister pointed out that the 2024 closing statement was in the process of preparation and would be presented to Parliament whenever complete.
Shaikh Salman was responding in writing to a question by Strategic Thinking Bloc spokesman MP Khalid Bu Onk on the current public debt.
“Public debt is repaid through borrowing from local and international financial markets, alongside budget surpluses,” said Shaikh Salman.
“Borrowing is necessary due to budget deficits that need to be covered and it will continue as deficits exist,” he added.
“As for our financial planning to deal with public debt, we identify needs and estimate costs and determine if we have budget shortages.
“Accordingly, we work on plans to finance the budget and cover shortages and ongoing borrowing.
“We then seek borrowing sources that are the cheapest in cost (lowest interest and benefits), while ensuring that cash flow isn’t affected in the country.”
The minister also said that GCC states were jointly working on creating an atmosphere for the unified Gulf currency and a Gulf Central Bank.
“Last year, the Gulf Monetary Council co-ordinated work between all member central banks on monetary policies and exchange rates,” said Shaikh Salman.
“Work is ongoing on financial performance indicators such as inflation, interest rates and public debt to create an atmosphere for the launch of the unified currency and Gulf Central Bank.
“This is an ambitious project that requires extensive co-ordination and collaboration and studies have been done and more are needed with Bahrain being a key player in achieving that target.”
Shaikh Salman will be present during the weekly Parliament session on Tuesday to reply on queries the three MPs may have.
mohammed@gdnmedia.bh
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