Licensing Amwaj Beachfront project is the result of transitioning from stalled projects into projects under construction and the robustness of the Government procedures
H.E. Sheikh Mohammed bin Khalifa Al Khalifa, CEO of the Real Estate Regulatory Authority, received Mr. Ahmed AbdulRahman, CEO of Esterad Investment Company and a Board member of Amwaj Esterad Company, in order to grant the company, a real estate developer's license for Amwaj Beachfront which is located on Amwaj Island.
The project was one of the stalled real estate development projects that have been referred from Ministerial Committee for Development and Infrastructure Projects to the Stalled Property Development Projects Settlement Committee, who sold it in auction to Amwaj Esterad Company where it started working with the relevant authorities to start the construction of the project and complete it. Amwaj Esterad Company has submitted all the requirements to RERA to license the project in accordance with the laws and regulations.
His Excellency Sheikh Mohammed bin Khalifa Al Khalifa wishes the new developer success, stressing that the efforts made to complete this project and other similar projects were in accordance with the laws and regulations that has proven its effectiveness and the strength and durability of the local real estate market, and that RERA is monitoring the projects and the escrow accounts to achieve a stable and sustainable real estate market.
Mr. Ahmed AbdulRahman, CEO of Esterad Investment Company and a Board member of Amwaj Esterad Company, expressed his thanks and appreciation to the Real Estate Regulatory Authority on granting the company a real estate developer license, praising all the efforts undertaken by RERA in promoting the real estate sector in the Kingdom to achieve sustainability and fair competition adopted by Economic Vision 2030 for the Kingdom of Bahrain.
Mr. Ahmed AbdulRahman stressed that the company's acquisition of this license will enable it to continue the construction in this project, which is characterized by its strategic location that will contribute effectively to the kingdom's efforts to develop the real estate sector and raise its contribution to the gdp of the national economy and it is expected to complete the first phase of the project, which is 52 townhouses in the last quarter of this year.