The Villamar project in Bahrain Financial Harbour will be revived following a final sukuk restructuring agreement by developer Gulf Holding Company (GHC) with financier Al Rajhi Bank and sponsor the GFH Financial Group, a leading Middle East private equity investor, according to a post on the GHC website.

The signing ceremony was held under the patronage of Sheikh Hisham Bin Abdulrahman Al Khalifa, Governor of Bahrain’s Capital Governorate in the presence of representatives from Al Rajhi Bank, GFH Financial Group, Al Hamad Contracting Company, Bahrain Property Development Association, and various other government and private sector representatives associated with the project.

Shaikh Hisham said the signing was significant, considering the project’s importance to the kingdom’s real estate sector and its direct impact on economic development, and attraction of capital.

“Also notable has been the start of construction works under the supervision of a ‘Consultants Panel’ that has been established and which comprises of a number of reputable and distinguished international and local consultants,” he added.

Majed Al Khan, the executive board member of GHC, said: “Today we announce the latest milestone in the progress that we continue to make in our landmark Villamar project.” He added that to date, significant progress had been made onsite, supported by the efforts of more than 400 workers, a number that will grow significantly as work progresses.

The relaunch of Villamar project is part of GHC’s commitment towards achieving more support, growth and expansion in the real estate sector in Bahrain, as it represents a new era for the company and the real estate market in the kingdom as a whole.