Bahrain announces record $2bln housing budget for 2025-2026
In a landmark move, Bahrain's government has allocated BD800 million ($2.1 billion) for housing projects and services – the largest budget in the nation's history since the introduction of this sector, reported BNA.
The announcement was made during a high-level government-legislative meeting yesterday (March 9) at the National Assembly Complex in Gudaibiya, where officials discussed key priorities for the upcoming national budget 2025-2026.
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa led the government's delegation while National Assembly and Parliament Speaker Ahmed Al Musallam and Shura Council Chairman Ali Saleh Al Saleh headed their respective chambers.
The government team also reviewed several ministerial priorities and projects proposed for inclusion in the state budget. These include ensuring the sustainability of housing services for citizens and reducing waiting lists by providing immediate access to housing services in partnership with the private sector.
Additionally, the government team outlined initiatives to strengthen the education sector by enhancing the role of Bahraini professionals, developing curricula and educational services, and continuing infrastructure projects. These include building new schools in expanding residential cities, reopening historic schools, and constructing academic facilities within schools.
Shaikh Salman stressed the significance of the unprecedented investment, asserting that ensuring sustainable housing services for citizens 'is a top priority for the government'.
"The BD800 million budget aims to address one of Bahrain's longstanding challenges – housing demand," he stated.
"By streamlining service delivery and working closely with private developers, the government seeks to minimise waiting times and provide immediate solutions to those in need," he noted.
Shaikh Salman noted the importance of building on the cooperation between the executive and legislative authorities in various projects that benefit the Kingdom and citizens, including the 2025-2026 state budget.
The minister highlighted the importance of consultations between the two authorities in shaping the next phase, reinforcing Bahrain's position across various sectors, achieving economic growth, and improving living standards for citizens by providing them with promising opportunities.
The minister also emphasised the importance of enhancing cooperation to reach an agreement on the state budget that aligns with citizens' aspirations.
During the meeting, the government team underscored its commitment to ensuring that the 2025-2026 state budget serves the interests of the nation and citizens by maintaining positive economic growth while achieving financial sustainability objectives.
This aims to enhance development efforts, create new opportunities for citizens, and optimise support allocation for those in need.
Housing and Urban Planning Minister Amna Al Romaihi revealed last month that there are 47,600 families waiting for housing services and homes across the kingdom.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Crypto Insight
7 days ago
- Crypto Insight
Vietnam legalizes crypto under new digital technology law
The National Assembly of Vietnam approved the Law on Digital Technology Industry on June 14, bringing digital assets under regulatory oversight. The legislation, set to take effect on Jan. 1, 2026, recognizes crypto assets and lays the groundwork for broader digital innovation across the country, according to reports from local media outlets. The law classifies digital assets into two categories: virtual assets and crypto assets. While both rely on encryption or digital technologies for validation and transfer, neither includes securities, digital fiat currencies or other financial instruments. The government is now tasked with outlining specific business conditions, classifications, and oversight mechanisms for these asset types. The law also mandates cybersecurity and Anti-Money Laundering safeguards aligned with international norms, an effort likely aimed at addressing the Financial Action Task Force's (FATF) concerns. Vietnam has been on the FATF 'gray list' since 2023. Vietnam eyes global tech role Beyond crypto, the legislation signals Vietnam's ambition to become a digital tech hub. It introduces sweeping incentives for enterprises working in AI, semiconductors, and digital infrastructure. These include tax breaks, land-use benefits and R&D support, particularly for firms building core technologies like chip design and AI data centers. Regional governments are directed to support workforce development through subsidies and training programs, while education policies will integrate digital tech skills into national curricula. 'With this move, Viet Nam has become the first country in the world to enact a standalone law specifically dedicated to digital technology industry,' the Vietnamese government said. Vietnamese police bust fake crypto mining platform In Feb. 2025, Vietnamese police arrested four individuals behind a fake crypto mining platform, BitMiner, which posed as a Dubai-based operation. The scam tricked over 200 victims out of more than 4 billion Vietnamese dong ($157,300) by selling bogus mining packages and education materials. In another major incident in December 2024, the Hanoi City Police Department in Vietnam prevented 300 potential victims from investing in an elaborate crypto scam that had already defrauded 30 billion Vietnamese dong ($1.17 million) from about 100 businesses and 400 individuals. Dubbed Million Smiles, the company promoted an in-house cryptocurrency, QFS, or Quantum Financial System, using deceptive advertising that linked it to ancestral treasures and spiritual claims. Source:
Gulf Today
13-06-2025
- Gulf Today
UAE and Bahrain to boost trade, economic, investment relations
The Bahrain-UAE Business Forum kicked off on Friday in the Bahraini capital, Manama, with the participation of senior officials from both countries, along with representatives of leading Emirati and Bahraini companies. Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a high-level UAE delegation to participate in the forum. The forum comes as strategic relations between the two countries grow from strength to strength, particularly in areas relating to economic, trade and investment relations. Discussions focused on increasing cooperation between the two nations in economic sectors of mutual benefit, including finance, water security, tourism, logistics and energy. In a keynote address, Al Zeyoudi stressed that relations between the two countries are witnessing continuous growth along their path to reach a solid and sustainable strategic partnerships in various fields. Al Zeyoudi stated, 'These positive developments in our strategic partnership are being driven by the forward-looking vision and common will of the leadership of both nations, who seek to boost our relations to new heights in order to achieve the common development aspirations of both our peoples. They are also boosted by positive meetings between President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty King Hamad bin Isa Al Khalifa of the Kingdom of Bahrain.' Al Zeyoudi also reaffirmed the UAE's commitment to building strong regional trade and investment relationships, with Bahrain a key partner in these efforts. He highlighted the deepening and historic economic ties between the two nations, achieved through bilateral and multilateral deals, including the Industrial Integration Partnership for sustainable economic development. Al Zeyoudi restated the mutual vision of securing supply chains, integrating value-added industries into their economies and diversifying their manufacturing base to create jobs. Al Zeyoudi noted that trade and investment relations between the UAE and Bahrain have grown strongly in recent years. Bilateral non-oil trade reached Dhs33.9 billion in 2024, an increase of 23 per cent when compared to 2023. Overall, between 2015 and 2024, UAE-Bahrain trade has increased by an average of 11 per cent per year, the fastest of any of the UAE's Gulf partners, with whom the average growth rate was 8 per cent. Overall, the UAE is Bahrain's second-largest trading partner globally, comprising 10.4 per cent of its total worldwide trade. In turn, Abdulla bin Adel Fakhro, Minister of Industry and Commerce of the Kingdom of Bahrain, stressed that the forum reflects the depth of relations and strategic integration between Bahrain and the UAE and represents a new milestone in their partnership. During his opening speech at the forum, Fakhro welcomed Al Zeyoudi and his accompanying delegation, praising their visit to Bahrain and their participation in the forum, which confirms a mutual keenness to enhance bilateral cooperation in various economic sectors. Fakhro explained that the forum is being held at an important time, and embodies the common conviction that economic integration is not only achieved through the exchange of goods and investments, but also through the activation of agreements and memorandums of understanding signed between the two countries, allowing the private sector opportunities to expand and access new markets. Fakhro pointed to the importance of the recent memorandum of understanding on integration in the National Added Value (ICV) programmes, which allows products manufactured in either country to be treated as national products in the other country, helping to strengthen local industries and increase opportunities for preference in government procurement. Fakhro also announced the inauguration of the Emirates Investor Centre at the headquarters of the Ministry of Industry and Commerce, as agreed as part of a memorandum of understanding concluded between the two sides. He stressed that the centre will provide facilities and services to Emirati investors. Fakhro expressed his thanks and appreciation to all participants and organisers, reiterating his hope that the forum will contribute to pushing the economic relations between Bahrain and the UAE towards further progress and prosperity. The Bahrain-UAE Business Forum included several panel discussions and presentations, with the participation of a group of senior officials and business leaders from both sides, including a session entitled 'Competitive Investment Environment for Entrepreneurs and Investors in Bahrain and the UAE', and another session entitled 'Growth Gateways - Prospects for Cooperation in Free Zones'. Meanwhile, the session entitled 'Empowering the Financial Future - Bahrain-UAE's partnership in financial innovation' pointed to the promising potential of the two countries in the field of financial technology and the prospects for integration between them. WAM
Sharjah 24
12-06-2025
- Sharjah 24
King of Bahrain receives UAE Minister of State for Foreign Trade
Greetings At the start of the meeting, Dr. Al Zeyoudi conveyed the greetings of President His Highness Sheikh Mohamed bin Zayed Al Nahyan; His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai; and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, along with their wishes for continued prosperity and success to the leadership and people of Bahrain. King Hamad conveyed his warm regards to the UAE leadership King Hamad conveyed his warm regards to the UAE leadership, wishing the government and people of the UAE further progress, prosperity and development. He emphasised the strength and depth of the fraternal relations between the two countries and their leaderships, highlighting their shared commitment to advancing sustainable development and further enhancing cooperation. Gratitude for the warm welcome and hospitality Dr. Al Zeyoudi expressed his gratitude for the warm welcome and hospitality extended by King Hamad, describing it as a reflection of Bahrain's deep-rooted values and its consistent efforts to support bilateral cooperation across various sectors, particularly in trade, investment and development. Reviewed recent developments in strategic trade and investment partnerships The meeting reviewed recent developments in strategic trade and investment partnerships between the two nations, as well as ways to expand them in line with shared development objectives and aspirations for continued growth and prosperity. Attendees Also present were Abdulla bin Adel Fakhro, Bahrain's Minister of Industry and Commerce, and Fahad Mohammed Salem bin Kardous Al Ameri, UAE Ambassador to Bahrain. Meetings On the sidelines of the visit, Dr. Al Zeyoudi held separate meetings with Shaikh Salman bin Khalifa Al Khalifa, Bahrain's Minister of Finance and National Economy, and Abdullah bin Adel Fakhro, to explore ways to strengthen bilateral cooperation. The discussions came following the entry into force of the Investment Promotion and Protection Agreement on 8th May. Both sides expressed their hope that business communities and private sector entities in both countries would fully leverage this agreement and others, to establish more joint ventures that support mutual economic growth. The meetings also discussed building on the growing trade and investment ties between the two countries. Non-oil trade between the UAE and Bahrain saw a record 23 percent increase in 2024, reaching AED33.9 billion. The UAE also maintained its position as the third-largest global investor in Bahrain, holding 10 percent of the country's cumulative foreign direct investment stock.
