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FINANCIAL NEWS
Bahrain’s USD650m Villamar project to be finalized by 2017
03 Aug 2015
(MENAFN) UAE developer Gulf Holding said it will finalize USD650 million Villamar Towers development, one of Bahrain’s most delayed projects, by 2017, 11 years after it was first launched.
Gulf Holding said that it had secured a restructuring deal with the project’s original financier Al Rajhi Bank, the new financier GFH, and project contractor Al Hamad Construction to restart work on Villamar.
The developer said that work on site had already restarted, and that the project, which has been hit by a series of delays as a result of the financial crisis, will be completed in around 24 months.
“The stalled projects listed by the special committee have been lying dormant, tantalizingly close to completion, for a number of years,” Cluttons’ international research and business development manager said.
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