Saudi investors in Bahrain seek to revive the halted $750 mn Marina West development along the Janabiya Highway, and aim to launch a petition to the Bahraini authorities next month, Arabian Business reported on Sunday.
The petition is the third of its kind for the stalled project that had been originally scheduled for completion in 2009. After an initial delay, the development was shelved indefinitely in 2010 as a result of the financial crisis. The Saudi nationals heading the campaign include some of the homeowners who already paid for units in the stalled project.
It is believed the project would take about $1 bn for completion with suggestions ranging from setting up a public auction of the projects to setting up a bailout fund.
The four main components of Marina West have already been referred to the Bahrain Stalled Property Committee for the Settlement of Real Estate Projects.