Gulf Holding Company (GHC), developer of the Villamar project in Bahrain, has signed restructuring agreements with support from Al Rajhi Bank (original majority financiers of the project), GFH (the project’s new financiers) and Al Hamad Construction (the project’s contractor).
 
Based on the terms of the agreements, remobilisation has started on the mixed-use, residential project based in the Bahrain Financial Harbour. Lights on the Villamar building have been seen in operation and cranes have moved on site in order to advance development.

It is expected that the project will now be completed in approximately 24 months.
 
Hisham Alrayes, chairman of GHC, said: "With the signing of this agreement, we’re delighted to announce that remobilisation and development of Villamar have begun. This is a strategic project, located in the heart of Bahrain, and we are proud to be working with world-class partners to now advance quickly towards completion.”
 
The Villamar project is planned to feature more than 800 residential units from luxury penthouses and Sky and Terrace Villas to apartments and luxury hotel rooms integrated with numerous other facilities including a health club and spa, swimming pools, and other recreational and commercial amenities. The publicly accessible sea-front boardwalk, will allow visitors and residents to enjoy indoor and outdoor cafes, restaurants, and boutique retail shops.

Villamar aims to break into the world of exotic developments through its sophisticated architectural design, multi-services and accommodation, and its presence in Bahrain’s growing financial district.

Adnan Al Olayan, general manager for International Banking at Al Rajhi Bank, sid: “As one of the world’s largest Islamic banks, we look for opportunities to drive the development of innovative projects being structured and financed in line with Shariah standards. We are especially focused on those in regional markets, including Bahrain, where Al Rajhi has a long-standing track record of success and recognition. We look forward to seeing Villamar develop according to the highest standards.” – TradeArabia news Service