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Old Posted Oct 6, 2006, 3:45 AM
Slugbelch Slugbelch is offline
Join Date: Jan 2006
Location: Ft. Lauderdale
Posts: 2,442
Originally Posted by Thskyscraper
Nice. Manama has some really nice projects on the way.
I hope so....

MANAMA: Rocketing prices of building materials are hindering Bahrain's construction boom, the Cabinet heard yesterday.
25 September 2006

The reluctance of local people to work in this sector was also having a negative impact, ministers heard.

However, the session, chaired by Prime Minister Shaikh Khalifa bin Salman Al Khalifa, discussed ways of addressing these challenges and ensuring growth "continues unabated."

The Cabinet proposed that a semi-state company be set up to carry out housing projects approved by the Works and Housing Ministry. The project would co-opt the private sector in the execution of government housing schemes.

The proposed company would function through Sharia-based sukuks or direct loans with maturity ranging between three and five years. The private sector and the ministry, which will retain a majority stake in the capital base, will own it.

The project was referred to the financial and economic affairs committee for more scrutiny.

In other development, the Cabinet approved a law granting APM Terminals Bahrain exclusive rights to operate and run Mina Salman.

Under the deal, the consortium will also run, operate and develop Shaikh Khalifa bin Salman Seaport in accordance with the terms and conditions specified in sealed contracts.

The privatisation move will not however be detrimental to the workers' professional rights and privileges.
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