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FINANCIAL NEWS
Bahrain plans 50,000 houses for USD5.3b
09 Mar 2011
(MENAFN) Bahrain’s Housing Minister, Majid al-Alwai, stated that the government intends on spending around USD5.3 billion on constructing 50,000 houses in reaction to the protests spreading in the country, reported Arabian Business.
Al-Alwai also said that the plan would be completed during a period of 5 years, and it would provide a solution to the long housing waiting list standing at over 46,000. The plan includes private sector investments and would cover different areas in Bahrain.
The Minister added that 2000 houses would be readied shortly and given out to citizens. As for the rest of the housing units, the minister said that their designs would be ready in a month. He also said that the land currently available for housing projects would be sufficient for the first 3 years of the project.
It is worth noting that Bahraini rulers have initiated other political and economical solutions in reaction to the protests that are taking place all over the Kingdom.
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