A study carried out by the Bahrain Chamber of Commerce and Industry (BCCI) found that it would cost between $350 and $400 million to complete work on six of the country’s biggest stalled projects.
Gulf Daily News reports that the study says the money would allow the large-scale projects at Marina West, Amwaj Gateway, Villamar, Marina Reef, Riffa Views and an unnamed Al Areen Holding Company residential and commercial development could be completed for under $400 million.
According to the report, the figure is four percent of the $10 billion GCC Development Fund that was set up in 2011 with funding from UAE, Kuwait, Saudi Arabia and Qatar with a view to financing development plans in Bahrain over the following 10 years.
Work on many of the projects came to a halt, with little activity reported at Villamar, Amwaj Gateway or Marina West in recent years.
In an effort to deal with the issue, Bahrain established the Ministerial Committee for Reconstruction and Infrastructure.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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