A high official at one of Bahrain’s leading real estate developments has advocated the setting up of a fund for the revival of Bahrain’s property sector.

Bahrain Financial Harbour (BFH) managing director Dr Omar Al Mardi said this fund could be financed through the issue of a sukuk and also supported by the $10-billion GCC Marshall Plan.

“Ideally the fund would guarantee viable real estate projects based on which banks can finance them,” he told Gulf Construction’s sister web portal TradeArabia.

Dr Al Mardi said after the kingdom had shaken off the effects of the global economic crisis, it was seeing a strong period for growth with lots of opportunities for investors.

In line with its goal of meeting its housing requirements, Bahrain plans to build thousands of homes over the next five years, worth BD2.1 billion ($5.6 billion), funded primarily by the GCC Marshall Plan, as well as a Kuwait fund and private investors. Under the five-year strategy, 47,000 units will be built through alternative housing programmes in partnership with the private sector, in addition to the hundreds of housing units that are already under construction.