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.
