“We are resuming work soon after delays that took place in the development of the Villamar due to the financial crises. The crisis sent shock waves around the world and affected countless projects everywhere,” Hisham Alrayes, the Chairman of Gulf Holding Company, said.
“While it has been a challenge to continue the development from sales proceeds, we have restructured the project to extend short term liabilities and bring new funding partners on board. Accordingly we are pleased today to have Al Hamad as continued partner completing the construction against part ownership in the Villamar towers. Al Hamad is expected to resume work on site once a new project manager is appointed within the next coming few,” Alrayes, added.
“We are excited to have reached this agreement with Gulf Holding and look forward to beginning work on the Villamar as soon as possible. Villamar is with no doubt the most prime project in the heart of the Kingdom of Bahrain which combines all hospitality, residential, offices and commercial complex all at one sea front location. We believe in the project and our commitment for completing it is demonstrated by us taking ownership in the project itself,” Nasha’at Sahawneh, the Chairman of Al Hamad Construction and Development Company, said.