Gulf Holding Company (GHC), the developer of the long-delayed Villamar project close to the Bahrain Financial Harbour complex, has said that work is restarting after the restructuring of the project’s finances.
The US$650 million project comprises three twisting towers of 54, 52 and 43 storeys, which are to contain a hotel and apartments.
GHC said that it had signed a restructuring deal with support from the project’s original financier Al Rajhi Bank, new funder GFH Group (GFH) and the contractor, UAE-based Al Hamad Contracting.
As a result, it said cranes had been moved back on to the site to restart work and the project is now due for completion in two years.
Villamar was initially launched in 2007 when GHC awarded a $380m construction contract to Sharjah-based Al Hamad Contracting.
Initially it was due for completion in the first quarter of 2010, but stopped midway through construction as the financial crisis caused projects to stall across the Arabian Gulf.
Protests in Bahrain also caused issues for the local property market.
However, in February, Bahrain’s government announced that it had passed a law aimed at restarting many of the kingdom’s major stalled real estate projects, and last month the deputy premier Sheikh Khalid Al Khalifa, who also heads Bahrain’s ministerial committee on reconstruction and infrastructure, held a meeting aimed at advancing Villamar’s future.
GFH Group told Dubai’s Financial Market that it will finance the project’s completion and cover funding shortfalls to the tune of $50m.
Hisham Alrayes, the GHC chairman, said the project would now be completed in phases, with all structural work completing as part of phase one, and the interiors of a retail and leisure mall on podium floors plus the apartments on the 43-storey Tower B being completed first.
More than 50 per cent of these have already been sold, but once complete it will use the remaining funds from their development to fit-out the interiors of the rest of the project. An agreement is in place with an as-yet unannounced hotel operator to take on the 52-storey Tower C.
“They might be the operator of the whole project, but that is still under negotiations,” Mr Alrayes said.
He said that Villamar was one of the most high-profile projects in Bahrain due to its location, and added that its recommencement was a “strong signal” for Manama’s development market.
“We expect it to be a good driver for the Bahrain market in general and the Bahrain Financial Harbour in particular,” said Mr Alrayes.
“With this agreement now in place, we are able to advance construction and work toward the completion of another landmark project in Bahrain,” said Nashat Sahawneh, the chairman of Al Hamad Construction.
mfahy@thenational.ae
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MEDIEVIL (1998)
Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5
COMPANY PROFILE
Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
THE SPECS
Engine: 4-cylinder 2.5-litre / 2-litre turbo
Power: 188hp / 248hp
Torque: 244Nm / 370Nm
Transmission: 7-speed auto
On sale: now
Price: From Dh110,000
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
ANATOMY OF A FALL
Director: Justine Triet
Starring: Sandra Huller, Swann Arlaud, Milo Machado-Graner
Rating: 5/5
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
BACK TO ALEXANDRIA
Director: Tamer Ruggli
Starring: Nadine Labaki, Fanny Ardant
Rating: 3.5/5
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
MEYDAN CARD
6.30pm Maiden Dh165,000 (Dirt) 1,600m
7.05pm Conditions Dh240,000 (D) 1,600m
7.40pm Handicap Dh190,000 (D) 2,000m
8.15pm Handicap Dh170,000 (D) 2,200m
8.50pm The Entisar Listed Dh265,000 (D) 2,000m
9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m
10pm Handicap Dh185,000 (D) 1,400m
The National selections
6.30pm Majestic Thunder
7.05pm Commanding
7.40pm Mark Of Approval
8.15pm Mulfit
8.50pm Gronkowski
9.25pm Walking Thunder
10pm Midnight Sands