Pace at which the island is growing

AS Bahrain joins the building and development bandwagon the fdi (foreign direct investment) magazine gives a brief indication of the pace at which the island is building.

In the magazine a research conducted by Kuwait-based Global Investment House shows that the value of traded land permits grew by 33.4 per cent in 2003 and is on a steady increase. Many of the new projects involve dredging and in 2003 the government issued 53 construction permits for land reclamation up from just two in 2001.
In 2001, Bahrain issued its long awaited law legalising foreign ownership of properties in designated areas of Bahrain.
In 2003, the Royal Decree was ratified and fully endorsed (Decree number 43 for the Year 2003, ‘Relative to the ownership of property and land by non-Bahrainis in the Kingdom of Bahrain’) stating that foreign buyers are permitted to buy certain types of property in designated areas of Bahrain. Under the law, the owner of the freehold property enjoys a self-sponsorship renewable Residence Permit.