16 January 2012
Manama -- Gulf Holding Company, the owners of the integrated residential and commercial complex "Villamar", and Al Hamad Construction and Development Company, have announced signing a Memorandum of Understanding (MoU) to resume the construction work on the Villamar project with a target to complete in 18 months. "We are resuming work after Villamar was hit by a financial crisis," Hisham Alrayes, chairman of Gulf Holding Company said. "We've restructured the project to extend short term liabilities and bring new funding partners on board."
Al Hamad is expected to resume work after the appointment of a new project manager.
Manama -- Gulf Holding Company, the owners of the integrated residential and commercial complex "Villamar", and Al Hamad Construction and Development Company, have announced signing a Memorandum of Understanding (MoU) to resume the construction work on the Villamar project with a target to complete in 18 months. "We are resuming work after Villamar was hit by a financial crisis," Hisham Alrayes, chairman of Gulf Holding Company said. "We've restructured the project to extend short term liabilities and bring new funding partners on board."
Al Hamad is expected to resume work after the appointment of a new project manager.
© The Saudi Gazette 2012
