Myriam Bekkoucha is currently in her third year of undergraduate studies, pursuing a Bachelor's degree in Economics at New York University Abu Dhabi. Living in Dubai, her interests lie in Corporate Sustainability, Macroeconomics and Risk Advisory.
ARTICLES BY MYRIAM BEKKOUCHA
Bahrain has recently ratified Article 1 of the Legislative Decree No.40 of 1999 which grants GCC nationals unrestricted land ownership in Bahrain. Article 1 states that ‘Nationals of GCC States may own constructed properties and lands in the State of Bahrain by any prescribed method of legal, well or inheritance conveyance between individuals and shall be treated in this respect as Bahrainis’.
Previously, all non Bahrainis were limited to a Freehold Title restricted to certain designated investment areas such as Juffair, Seef, Amwaj Islands, Reef Island, Durrat Marina, Durrat Al Bahrain amongst others. However, with the ratification, Bahrainis and other GCC nationals can hold a Freehold Title on property anywhere throughout Bahrain. As per Ahmed Al Haddad from the Shura council, GCC nationals make up 93% of all Freehold Title ownership, while Non-GCC nationals make up just 7% of Freehold Title ownership. In this article, we will explore what the ratification of this law could potentially mean for the Real Estate and Construction sector.