In an attempt to end halted progress on four of Bahrain’s development projects, industry experts have suggested a new venture to provide a funding of $1.1 billion.
A Special Purpose Vehicle (SPV) company will be established in order to continue work on Marina West, Amwaj Gateway, Juffair Views and Sunset Hills.
The company’s shares, once issued to the public, will become a source of funding for the delayed projects that thousands of Bahrainis and expats have invested in.
Bahrain Chamber of Commerce and Industry’s Real Estate Committee chairman Dr. Hassan Kamal told Gulf Daily News that Bahraini authorities are challenging the economic fall by any means possible.
He added that the SPV is the only viable solution, as demolishing the projects or asking for further investment, estimated to be around BD300 million-BD400 million, is not possible at this stage.