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Property boom in the Gulf set to stay
13 May 2008
Mohammed Khalil, Ithmaar Development Company chief executive, pointed to figures from a report by Meed magazine as evidence of the sector's burgeoning development.
The report showed that the size of real estate projects underway in the region has reached $190 billion (£95 billion) while the cost of forthcoming projects has reached $900 billion (£450 billion).
Various areas in the Gulf will see different levels of investment and development.
According to Mr Khalil, Bahrain will see projects worth $18.3 billion (£9.15 billion) starting while there are already a series of developments under construction worth up to $7.4 billion (£3.7 billion) in the area.
Kuwait currently has projects under construction worth $5.2 billion (£2.6 billion) while those planned are worth an estimated $191.9 billion (£95.5 billion).
Meanwhile, it has been announced that the Bahrain International Property Exhibition is to take place later this year and will be held between October 23rd and the 26th.
Source: Adfero
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