A draft law urging legislation warranting real estate development in Bahrain has come under the spotlight.

The Shura Council financial and economic committee, chaired by Khalid Hussein Al Maskati, on Thursday discussed the proposal.

Members Hamad Mubarak Al Nuaimi, Khalid Hussein Al Maskati, Jameel Ali Al Matrook, Saoud Kanoo and Dr Aisha Salem Al Mubarak said their draft law would boost Bahrain's status as an investment hub.

The panel also discussed a proposal to amend the law on a future general reserve fund.

The suggestion urges the government to deduct five per cent from oil revenues, up from a current 1pc.

A draft law suggesting interest rates on housing construction, purchase and maintenance loans to be dropped also came under scrutiny at the meeting.

Source: Trade Arabia News