Projects worth over $8 billion are being showcased at the biggest real estate exhibition in Bahrain which opened on Tuesday with a good response from industry heavyweights.
Cityscape Bahrain 2023 was officially opened at Exhibition World Bahrain in Sakir by its patron, HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.
The three-day event features over 58 real estate projects, commercial and residential, with participation of international private developers.
HRH Prince Salman affirmed Bahrain’s commitment by “launching and implementing projects that support various industries, including the real estate sector, and boost the national economy,” according to an official statement.
He added that Bahrain is on track for economic diversification through innovation and multi-sector development.
In addition, HRH Prince Salman commended Cityscape Bahrain for enhancing Bahrain’s position as a global investment destination, with real estate being one of the vital sectors and economic pillars.
INDUSTRY LEADERS AT FLAGSHIP EXHIBITION
The exhibition is backed by the Real Estate Regulatory Authority in Bahrain (RERA). Last year the event showcased over 10,000 projects and achieved sales of approximately 689 properties in a short span of four days, amounting to BD101 million ($267m).
The conference programme provides investors with the opportunity to learn from industry experts and gain insights into the latest trends and developments.
Shaikh Salman bin Abdulla Al Khalifa, President of the Survey and Land Registration Bureau, said several real estate companies were showcasing their projects to the public during the three-day event, adding it also provides opportunities for investors, architects, engineering consultants, contractors and property buyers.
One of the companies participating for a second year in a row is Naseej, which showcased its Canal View project at Dilmunia Island in Muharraq.
The multi-million-dollar development is built around a 1.6km canal with a breathtaking public park across the canal's footbridge. Other iconic installations include distinctive water features such as the waterfall footpath and fountain system.
The mixed-use project was launched in 2017 and is now complete with 17 unique apartments, a private garden and several options for retail shops.
“This is a big platform for us to showcase our projects including smart homes within the Nasayim Arad Project, in which we have used smart technology to control air conditioning and other appliances through a mobile phone,” said Naseej chief executive Amin Arrayed.
“This is the first time we are showcasing the affordable homes and expect a good turnout in the coming days.”
Similar sentiments were echoed by Diyar Al Muharraq, a leading commercial and residential real estate developer, showcasing several of its signature projects at the exhibition.
This includes Aseel El-Nasayem 2 and Layl El-Nasayem 2, the new freehold residential villas in the Al Naseem villas project.
Construction began in August with an expected completion date in the second quarter of 2025.
Al Naseem includes the first gated community in the city constructed by Diyar Al Muharraq, with over 300 freehold villas spanning an area of 328,000 square meters, in addition to a range of residential options and recreational outlets that meet the needs of a large segment of the community.
NORTH ISLAND PROJECT
Diyar Al Muharraq will also showcase Al Wasem residential plots, the first project located on the North Island, which holds over 55 seafront plots starting from approximately 360 square metres in size, while the inner residential area in the project consists of more than 75 plots covering roughly 300 square metres.
“This is the second year in a row that we are participating in this prestigious real estate exhibition,” added Diyar Al Muharraq chief executive Ahmed Alammadi.
“We are showcasing the final phase of Al Naseem project and other new developments including plots for homeowners or investors.
“The real estate sector globally has faced challenges, but it’s important that market demands are met while ensuring the sector contributes to the national economy,” he said.
ANTICIPATING DIGITAL TRANSFORMATION AND INNOVATION
The flagship exhibition continues until Thursday with plenary sessions featuring senior Bahraini ministers and experts. They will be discussing challenges and opportunities in the real estate sector, and how to align national goals over the next decade.
The theme on Day 2 of the conference is Digital Transformation and Start-Up Innovation, which will feature sessions on proptech, the role of a regulator, and off-plan experience in Saudi Arabia among other topics.