During a recent visit, the United Arab Emirates (UAE) delegation, headed by Yafea Al Faraj, executive director of the Ajman Real-Estate Regulatory Agency (ARRA), met with Gulf Holding CEO Majed Al Khan.
The UAE delegation was able to deliver a briefing of Villamar’s progress and discussed ideas for best practices regarding project management, construction, design, execution and other important elements of each project.
“We welcome the UAE delegation’s visit to our flagship Villamar project in Bahrain,” Al Khan said. “Such visits and exchange of information between industry stakeholders in the GCC are essential for the healthy growth of the regional real estate market. We have adopted the best global practices for this complex multimillion-dollar project, which we expect to deliver as planned. Over time, we are confident that Villamar will establish itself as a benchmark development from which the wider industry will draw inspiration from.”
Villamar is an expansive mixed-use project with a budget of $700 million. The luxury real estate development is located on the waterfront area of the Bahrain Financial Harbor. Plans for the area include three twisted towers hosting 850 residential units, retail outlets and a serene boardwalk near the center of Bahrain’s growing financial district.
The project will take nearly two years to complete. Gulf Holding is financing the multimillion-dollar project.