The Role of Real Estate in Sustainable Development in Developing Countries: The Case of the Kingdom of Bahrain

Yusra Mouzughi, David Bryde and Maher Al-Shaer
Additional contact information
Yusra Mouzughi: Liverpool Business School, Liverpool John Moores University, Redmonds Building, Brownlow Hill, Liverpool L3 5UG, UK
David Bryde: Built Environment and Sustainable Technologies (BEST) Research Institute, School of the Built Environment, Liverpool John Moores University, Peter Jost Centre, Byrom Street, Liverpool L3 3AF, UK
Maher Al-Shaer: Diyar Al Muharraq, P.O. Box 75777, Al Retaj Holding Company, P.O. Box 75408, Manama, Bahrain

Sustainability, 2014, vol. 6, issue 4, 1-20

Abstract: The construction of real estate has the potential to advance sustainability in terms of meeting economic and social criteria—the Business Case and the Societal Case. This is a crucial aspect in the stated visions and plans in many developing countries. Hence, it is important to understand how real estate can best contribute. Semi-structured interviews with a number of decision-makers involved in the real estate sector in the Kingdom of Bahrain were undertaken to explore perceptions of how the sector could best contribute to sustainable development. The decision-makers came from government bodies, investment banks, real estate developers, investors, constructors, project consultants and auditors. The interviews highlight the importance of having a stated vision and strategy which is highly visible and shared by all stakeholders. In the case of Bahrain this is Vision 2030 and the National Economic Strategy. It is important to ensure that any plans that are put in place to achieve the vision/strategy are adaptable to reflect changes in the external environment. The decision-makers identified three areas of focus in terms of the content of policy in order to meet the economic and social-related sustainability criteria as set out in Vision 2030 and the National Economic Strategy. These are: infrastructure, affordable housing and tourism/leisure. Within these three areas, that of infrastructure is also the key enabler for developments in the other two areas to be realized. In terms of a method of governance, the use of public-private-partnerships (PPPs) was identified as being highly appropriate. Such partnerships are not only useful to leverage private sector investment into specific development projects but also to ensure that such development harnesses innovative and efficient methods.

Keywords: business case; societal case; natural case; vision; policies; strategy; developing countries; infrastructure; affordable housing; tourism/leisure; public/private/partnerships (PPPs) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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