Kuwait-based Gulf Holding Company (GHC) has announced that its $650 million Villamar @ the Harbour project in Bahrain will be completed by the last quarter of next year.

'Construction on three towers of the flagship project is progressing round the clock,' GHC senior investment relations officer Ahmad Al Shammari said.

He said that work on the project was being supervised by five dedicated international quality control engineering consultancies and assured that GHC would not let down its clients who have made payments to its marketing company.

'We will not let down clients who have invested with us through the marketing company, though the latter has not paid GHC the amounts collected,' he said.

'We will strive to quickly resolve our differences with the marketing company.'

Commenting on the difference of opinion betweenBaz Marketing Company and GHC, Al Shammari said, 'If there is a dispute, it will be resolved through due legal course and according to terms of an agreement concluded with Baz on March 5, 2007 for a period of four years.

'We are keen on maintaining excellent relations with all parties, yet, out of our concern to protect the rights of our shareholders, our sole option to resolve the dispute is the agreement concluded between us.

'GHC is seriously considering delegating the marketing function to a dedicated international company, with the option of directly marketing the development through a dedicated office managed by GHC,' he said.

'Work on the development never stopped for a single moment and is progressing round the clock, because of the availability of sufficient liquidity needed to finance the construction coupled with the company's determination to deliver the development on schedule,' he added.-TradeArabia News Service