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Bahrain said to need $400m to finish major stalled projects - Banking & Finance - ArabianBusiness.com
▻http://www.arabianbusiness.com/bahrain-said-need-400m-finish-major-stalled-projects-587910.html

A study carried out by the Bahrain Chamber of Commerce and Industry (BCCI) found that it would cost between $350 and $400 million to complete work on six of the country’s biggest stalled projects.
Gulf Daily News reports that the study says the money would allow the large-scale projects at Marina West, Amwaj Gateway, Villamar, Marina Reef, Riffa Views and an unnamed Al Areen Holding Company residential and commercial development could be completed for under $400 million.
According to the report, the figure is four percent of the $10 billion GCC Development Fund that was set up in 2011 with funding from UAE, Kuwait, Saudi Arabia and Qatar with a view to financing development plans in Bahrain over the following 10 years.
Work on many of the projects came to a halt, with little activity reported at Villamar, Amwaj Gateway or Marina West in recent years.

In an effort to deal with the issue, Bahrain established the Ministerial Committee for Reconstruction and Infrastructure.

KSA investors seek $60m Bahrain Marina West refund | ConstructionWeekOnline.com
▻http://www.constructionweekonline.com/article-24233-ksa-investors-seek-60m-bahrain-marina-west-ref

Saudi investors who committed more than $60m (SAR: 225m) to the stalled Bahrain Marina West project want the Gulf island’s government to assist them in retrieving their investment.

The 1,168 housing unit project was supposed to be delivered in December 2010 but has been stalled for the last three years.

A total of $106.6m of outside investment from around the GCC is said to be tied up in the $700m project.

The investors had taken their case to the Bahraini courts following the halting of the project, but are now calling for a public auction of the project to have their funds reimbursed.

Voir les commentaires : la grogne monte autour des projets immobiliers inachevés pour ne pas dire au montage financier douteux dans le Golfe

Investors in the troubled Marina West in Bahrain will press ahead with legal action against the Bahraini developer after nearly three years of waiting for the project to restart.
The Marina West Owners Association, which represents around 300 investors, said it has also submitted a petition – signed by nearly 100 buyers – to lobby the Bahraini prime minister’s office to appoint an administrator for the project.
“We want the project to go ahead. We have a petition, a court case and we have groups of investors that are going to see their ambassadors,” said Hassan Al-Husseini, who paid BHD100,000 (US$265,231) for a four-bedroom apartment in 2006.

Arabian Business