Manama, Kingdom of Bahrain, 8 April2012: Gulf Holding Company, the owners of the integrated residential and commercial complex "Villamar@the Harbour" have signed with Mace an international project and construction management consultancy based in the UK, in order to manage the project's construction and delivery. The Villamar project, which was launched in 2007, is expected to resume construction soon. The project has suffered delays due to the financial crisis which affected numerous other development projects around the region, and which were further exacerbated by the political unrest the Kingdom of Bahrain saw at the beginning of 2011.  

The newly appointed projectmanager will appraise the current status of the project and prepare a new project development plan in order to recommence construction work as soon aspossible. The options will be reviewed against alternative financing mechanisms to ensure that delivery of the project is in coordination with the project's funding.A Business plan will be finalized and contract documents prepared and amended in order for the works to begin. Mace will be providing full management services from the beginning of the restarted development process through to design, construction and the final handover and after care services.

This appointment followed the recent signing of a memorandum of understanding (MOU) with Al Hamad Construction and Development Company tomake them partners and resume works on the project as soon as a project manageris appointed.

"We are looking forward to thesuccess of this project and the fruitful cooperation with Mace as our new project managers. With this agreement in place, we are now able to progress with the development of the project, with construction set to begin within the coming few months, and with the aim of having the structure and glazing substantiallycompleted as soon as possible. We are also currently in discussions with anoperator of first class hotels to provide an exciting brand to the whole development", commented Matthew Austin, General Manager of Gulf Holding Company.

Referring to the appointment,Andrew Johnson of Mace said: "We are very excited about this partnership with Gulf Holding and are looking forward to starting work on Villamar immediately.This is a prominent site and a significant mixed use development in the heart of Bahrain's capital and Mace is excited about the prospect of working with Gulf Holding on this project.  Preparatory work will begin as soon as possible, and we are committed to being a part of completing the project successfully and efficiently."

Villamar is the first integrated residential complex within the Bahrain Financial Harbour, offering a mix of serviced apartments, hotel rooms and residential accommodation within three twisting towers. Sales have begun with Tower B, making the programming of these works a priority. Construction of the development stands at approximately 50%completed.

Villamar
Started in 2007 and built on a man-made island, "Villamar @ the Harbour" is the first integratedresidential complex within the Bahrain Financial Harbour Development. Asophisticated and exclusive development, Villamar aims to introduce a new lifestyle and business concept to the region, offering a mix of serviced apartments, hotel rooms and a mix of residential accommodation within threeelegant twisting towers. The towers rise from the terraced podium and arelinked by sky villas all of which add a luxurious flavor to the development.

The Project comprises over 800 residential units; from luxury penthouses and Sky and Terrace Villas, to apartments and luxury hotel rooms, and combinesother facilities including a health club and spa, swimming pools and otherrecreational amenities. The Ocean Front Boardwalk is publicly accessible and provides an array of indoor and outdoor cafes and restaurants along with boutique retail shops. With its sophisticated and elegant design and variety ofuses, Villamar is a truly exotic development at the heart of Bahrain's everexpanding financial district.

The current status of the construction is 50% completed. The estimated valuefor the entire completed project is in the order of USD 650mn. 

For further information please contact:
AmalTurki
Head of CorporateCommunications
Tel: +973 17538538
Email: aturki@gfh.com
Website: www.gfh.com      

Press Release 2012