Gulf Holding appoints new GM
Manama, March 14, 2012
Bahrain-based Gulf Holding Company (GHC) has appointed Matthew Austin as the general manager of the company and its subsidiaries in a move aimed to push forward stalled projects.
GHC is a Sharia-compliant development company that offers real estate investment products and services.
The core of its business is the Signature Series, which includes major landmark projects such as Villamar @ the Harbour and Al Areen Downtown in Bahrain and the Villa Royal in Morocco.
"Austin, a chartered civil engineer brings to GHC more than 20 years of experience in the property and construction industry," said GHC chairman Hisham Al Rayes.
Austin will start the process of reviewing and restructuring the company's operations with the aim of resuming work on the projects, particularly Villamar @ the Harbour. It was restructured to extend short-term liabilities and bring new funding partners on board.
A memorandum of understanding was signed with the project's main contractor Al Hamad, offering it part ownership in the towers. – TradeArabia News Service