Firm to raise $48m for Bahrain hotel project
Manama, April 22, 2013
Work stalled at the Banader Rotana Hotel project in Bahrain is expected to resume shortly as the developer Banader Hotels Company secures the additional $47.7 million funding needed for completion, officials said.
"We are in talks with various banks and expect to finalise financing deals within a month," directors led by chairman Abdulla Buhindi told our sister publication the Gulf Daily News (GDN) after a shareholders' meeting at the Diplomat Radisson Blu Hotel, Residence and Spa.
"The board, in its continued effort towards the completion of the project, will be proceeding with legal and administrative formalities and procedures necessary for the raising of additional funds," Buhindi said.
The Banader Rotana Hotel is coming up next to the Batelco Commercial Centre near Bab Al Bahrain.
Shareholders were told that due to the continuing unrest and its adverse effect on the economy and investment, the company could not raise the necessary funds in the first half of last year as was planned.
As a result, no sub-contract with the main contractor was signed for interior decoration fit-out work, audio-visual work and Internet protocol works.
The main contractor also started in June last year to slow down the execution of the remaining civil, mechanical, electrical and external works until the complete stoppage of work in October.
By the end of July last year, 99.5 per cent of structural concreting, slab concreting to the 28th floor, 92 per cent of the block work, 60 per cent of electro-mechanical works and 25 per cent of external cladding were completed.
Major works carried out last year included, continued electrical and mechanical work, elevators works and aluminium and glass works.
"As a result of the lack of funding and stoppage by the main contractor and sub-contractors, the project completion date has been moved ahead to July 2015," Buhindi said.
It was initially supposed to be completed by May last year. – TradeArabia News Service