Bahrain $250M Souk Al Arabia Proj Delayed On Lack Of Funds-Report

Monday, Jul 12, 2010

BEIRUT (Zawya Dow Jones)--Bahrain's contracting firm Ahad Holdings has delayed its $250 million Souk Al Arabia real estate project located in the north of the country due to lack of funding, Manama-based Al Wasat reports Monday citing an executive.

Ahad Holdings secured the required permits and purchased the plots of land about three years ago but work was stopped on the project as banks and financial institutions were reluctant to provide loans and credit facilities to investors, Hamid Nishat, one of the company's owners told the paper, adding that the project consists of shops, restaurants, and residential apartments.

Ahad Holdings, which is owned by the Nishat family, is expected to complete in June 2011 its $100 million residential project Le Reef located in the man-made Reef Island to the north off the coast of Manama city, he said, adding that about 25% of this project's apartments are already sold to investors from the region.

Newspaper website: http://www.alwasatnews.com/2865/news/read/439837/1.html

-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com

(END) Dow Jones Newswires

12-07-10 0503GMT