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المنامه، البحرين
The Bahrain Housing Bank announced the launch of 140 investment opportunities for the development of heritage real estate and its re-employment in 6 historic ferreys, as part of the first phase of the development project of Muharraq City, in coordination with the Economic Development Board, with the aim of reviving the old areas and enhancing their investment and tourism attractiveness while preserving their urban and cultural identity, according to Al-Bilad newspaper.
The launch of investment opportunities comes in implementation of the Royal Order of King Hamad bin Isa Al Khalifa, on the preservation of the historical and cultural identity of the buildings and cities of the Kingdom of Bahrain, the revival of the Grand Palace of Isa and the development of the city of Muharraq to preserve its heritage character.
The project also falls within the directives of Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to activate the executive plan for the development of Muharraq City and preserve the urban and cultural heritage of Bahraini cities.
Sustainable Investments for Heritage Preservation
Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning and Chairman of the Board of Directors of the Housing Bank, stressed that the launch of investment opportunities is an extension of Bahrain’s efforts to preserve its historical and cultural identity and enhance the sustainability of heritage areas through their development and revitalization, combining the originality and requirements of modern urban development.
Al-Rumaihi: Integration of urban development and investment is a key pillar for the sustainability of the Muharraq City development project
She explained that the 140 investment opportunities will be presented in accordance with the principles of environmental, social and institutional governance (ESG), in order to support the adoption of sustainable investment models that achieve economic and societal returns, in addition to preserving the urban heritage.
She pointed out that opening the way for the private sector to invest in an integrated historical vordaijan represents an important step towards reviving old neighborhoods, preserving their architectural identity, revitalizing the economic and cultural movement in them, and turning them into attractive destinations for housing, work and visitation.
She added that the integration of urban development and investment is a key pillar for the sustainability of the development project of Muharraq City, stressing the importance of partnership with the private sector in providing sustainable economic and cultural activities that support the national economy.
She praised the coordination between the Economic Development Board, the Housing Bank and the concerned authorities to identify the available opportunities and attract investors, thus contributing to the achievement of the development goals of the project in the long term.
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