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16/01/2012 08:42 AST
Gulf Holding Company, the owners of the integrated residential and commercial complex Villamar, and Al Hamad Construction and Development Company, have signed a memorandum of understanding to resume construction work on the project with a target to complete it in 18 months.
"We are resuming work soon after delays that took place in the development of the Villamar due to the financial crisis," said Gulf Holding Company chairman Hisham Alrayes.
"While it has been a challenge to continue the development from sales proceeds, we have restructured the project to extend short-term liabilities and bring new funding partners on board.
"Accordingly, we are pleased to have Al Hamad as a continued partner completing the construction against part ownership in the Villamar towers.
"Al Hamad is expected to resume work on site once a new project manager is appointed in the next few weeks," said Mr Alrayes. Al Hamad Construction and Development Company chairman Nasha'at Sahawneh said the company is excited to have reached this agreement with Gulf Holding and look forward to beginning work on the Villamar as soon as possible.
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