01 February 2013
MANAMA - Many individuals who have purchased apartments in the bankrupt Marina West project in Budaya met this week in Bahrain and Saudi Arabia to consider their options.
Construction at Marina West, an iconic gated community on the west coast of Bahrain, ground to a halt in mid-March 2010. High cranes have been sitting idle for almost three years, after work slowed down in March 2009 due to cash shortages and labor strikes. The management of the Marina West project told individual buyers in August 2011 they have been looking for new investors and bank financing, but each time they are reported to have rejected the offers put forward by prospective investors.
Many of the home buyers from over 20 countries, half of them working in the Saudi oil industry or retired, accuse the developers of unreasonable greed.
An agreement is being discussed with a law firm in the United States to help advise investors and their inheritors.
MANAMA - Many individuals who have purchased apartments in the bankrupt Marina West project in Budaya met this week in Bahrain and Saudi Arabia to consider their options.
Construction at Marina West, an iconic gated community on the west coast of Bahrain, ground to a halt in mid-March 2010. High cranes have been sitting idle for almost three years, after work slowed down in March 2009 due to cash shortages and labor strikes. The management of the Marina West project told individual buyers in August 2011 they have been looking for new investors and bank financing, but each time they are reported to have rejected the offers put forward by prospective investors.
Many of the home buyers from over 20 countries, half of them working in the Saudi oil industry or retired, accuse the developers of unreasonable greed.
An agreement is being discussed with a law firm in the United States to help advise investors and their inheritors.
© The Saudi Gazette 2013
