GFH Financial Group said it has signed a restructuring agreement with Gulf Holding Co. (GHC), Al Rajhi Bank, and Al Hamad Construction to restart the Villamar project in Bahrain.
Under the terms of the agreement, GFH will finance the project and cover funding shortfalls up to $50 million over the project period of 24 months, GFH said in a statement to the Dubai Financial Market, where it is cross-listed.
Al-Rajhi Bank is the main sponsor of the project, while Al-Hamad is the main contractor.
Work has already started on the mixed-use, residential project based in the Bahrain Financial Harbour.
GFH said it expects a positive financial impact from the deal on the medium-term.
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