Bahrain project delay sparks plea
Manama, November 10, 2010
A petition requesting the government to intervene in a stalled multi-million-dinar residential development has so far collected more than 80 signatures.
Marina West owners met last night at Mansoori Mansions Hotel in Adliya to discuss the ongoing delays in the completion of their properties, which were originally due to be handed over on December 31.
It followed a meeting of other owners in Saudi Arabia on Monday night.
The property owners have decided to hold their third and final meeting tomorrow at the Gulf Hotel.
The investors had been told by Marina West officials that developers were having difficulty raising the funds needed to finish the project and warned of further delays.
However, it stated that the developers remained optimistic and were currently in a 'particularly promising discussion with an international entity' to provide the financing for the completion of the project.
In a statement issued to our sister newspaper Gulf Daily News (GDN) last week, Marina West chief executive officer Mahmood Janahi said the company was making all efforts to find acceptable solutions to minimise the effects of the current impasse.
He said that the 'real estate meltdown' across Bahrain and the Middle East due to the global financial crisis was also making the situation difficult.
Work allegedly came to a standstill at the 350,000sqm site in March, but despite lengthy discussions between management, owners and lawyers, a solution is yet to be found.
In the draft petition, which is yet to be presented to a government official, the group appeals for help in resolving what it describes as an 'investment failure'.-TradeArabia News Service