Completes one of the most important structural phases of its Villamar @ the Harbour development

Tower B to usher in a unique residential lifestyle to the Kingdom of Bahrain and the Gulf region

GHC working non - stop on the overall project structures for timely delivery

Villamar occupies a 39.500 m2 area and the three towers together rises to a total exceeding 620 meter above the ground

Manama, Bahrain, March 13, 2010: Kuwait- based Gulf Holding Company (GHC), celebrated its first achievement as per schedule, at its Villamar @ the Harbour project located in Bahrain Financial Harbour, by completing the 'Topping Out' of Tower B, with the work proceeding on the other structural works needed to complete the tower.

Currently, work is proceeding non-stop on all construction levels of the US $ 650 million Villamar development, boasting of three twisting towers, despite the challenges of the global economic crisis, Mr. Steve Flanagan, the project's Director said: "The completion of tower B means that we have successfully finished one of the most important structural construction phases of Villamar, while continuing to conclude the other phases. We are determined to bring GHC's first development to completion while pursuing our endeavour to emerge not only as a regional real estate development company but a global one, as well as to fulfill our promise of timely delivery."

Elaborating on the tower's components, Mr. Flanagan said: "Tower B is approximately 160 metres high, consists of 43 floors and boasts a total of 215 units comprising 53 one-bedroom, 119 two-bedroom, and 34 three-bedroom apartments and six 4 bedroom penthouses, as well as two duplexes in addition to a super penthouse."

Commenting on the significance of Tower B, Mr. Flanagan said: "With its assorted mix of residential units in the Gulf Region, distinguished by its adherence to the highest quality and design standards, the three towers together rising to a total exceeding 620 meters will usher in a unique residential lifestyle in the Kingdom of Bahrain as well as the Gulf Region. Thus, this will make a definitive statement in the residential segment of the real estate market, which is in line with GHC's real estate architectural "Signature Series" concept."

In conclusion, Mr. Flanagan stressed that the celebration of the Tower B topping out reflected the continuous work progress and GHC commitment towards the schedule in the implementation of the construction of all phases of Villamar @ the Harbour, thus meeting the requirements of all the investors and potential owners.

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About Gulf Holding Company (GHC)
A diversified and trusted holding company, Gulf Holding Company (GHC) specialises in offering cutting-edge Sharia'h compliant smart, intelligent and value-driven investment products and services. Gulf Holding Company was launched in November 2005 to tap the investment potential in the real estate and infrastructure sectors in the Middle East. With a paid up capital of KD77 million (approx. US$258 million), the company's current portfolio features investments of over US$2 billion across the MENA region. 

© Press Release 2010