Stalled residential projects that have blighted Bahrain's landscape for years will be given fresh impetus under new government plans.

Leading the charge is the multimillion-dinar Villamar development, first announced by the Kuwaiti Gulf Holding Company (GHC) in 2006, said a report in the Gulf Daily News (GDN), our sister publication.

The project, with its three half-built twisting towers near Bahrain Financial Harbour, is a well-known eyesore on the Manama skyline.

Financing

But now, Bahrain-based financial investment group GFH (formerly known as Gulf Finance House) has announced a new agreement signed between itself, GHC and Saudi-based Al Rajhi Bank to provide financing for completion of the project.

Bahrain Chamber of Commerce and Industry real estate sector committee member Nasser Ali Al Ahly told the GDN that a further nine stalled projects had been identified with discussions at the highest level to get them back on track.

"We have had several meetings with Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa and have identified around 10 stalled projects," he said.

"These are projects where work has stopped and this has affected several investors in Bahrain and the wider region."

Al Ahly said the government was prioritising projects based on the investment required to complete them.

"Some projects require BD30 million ($79.1 million) while others require BD50 million,” he said.

Talks

"To raise such capital there are talks being held with banks and foreign investors.

"Based on all our meetings, we are positive that 2015 will see work resuming on some of the projects and others even being completed by year end."

Al Ahly cited Marina West, Riffa Views, Marina Reef, Villamar and Amwaj Gateway as examples, among others.

The GDN reported yesterday that His Majesty King Hamad has issued a decree to set up a Committee for Settlement of Stalled Property Development Projects, chaired by adviser Sameh Mohammed Fahmy Amer and also featuring Dr Mona Jassim Mohammed Al Kawari, judge Mohammed Mirza Mohammed Aman, Dr Abdulla Yousef Taleb and Arif Hayder Ali Rahmi. - TradeArabia News Service