Investors in the Marina West project, most of whom are foreigners, praised the efforts made by the Bahraini authorities to resolve the problems surrounding the project, where work had been halted since 2010.
In a letter to the GDN, almost 250 buyers expressed their satisfaction with the outcome of these persistent efforts, which resulted in the project being put up for public auction and Saudi company Sumou Holding winning it with a BD19.8 million bid.
They also stressed that this step would strengthen confidence in the kingdom’s property market, while also upholding the principles of justice and the rule of law.
While praising Bahrain’s efforts, the buyers emphasised that justice and confidence would only be fully achieved once the Settlement Committee distributes the proceeds to the buyers.
According to official statements, Sumou has fulfilled its financial obligations and ownership has officially been transferred to it.
“Under the law, the buyers are to be compensated within two months of that date. This is what they hope will happen at this stage, following a lengthy wait during which they endured numerous problems,” the letter said.
“We joined senior authorities in the kingdom on November 25 last year in celebrating the successful public auction of the Marina West project, which had remained stalled for an extended period.
“We once again joined them in celebrating the official announcement issued by the Settlement Committee on August 9, confirming receipt of the funds and the transfer of the title deed to Sumou Holding.
“We congratulate Sumou Holding on its commitment to completing the sale despite the difficult circumstances facing the region since February 2026, and we wish the company every success.”
The letter stated that investors understand that the law provides for the proceeds of the sale to be distributed among the buyers and other creditors within two months of receipt of the funds.
They also appreciate the Settlement Committee’s assurances that it will do its utmost to maximise the amounts allocated to the buyers.
“After a patient wait of nine months since the auction was held, 11 years since the Settlement Committee was established, and 16 years since work on the Marina West project was halted, we eagerly await good news.
“The time has finally come to reach a fair settlement and bring a happy ending to this painful story.”
Work on the Marina West project began in 2007, with a value of $750m at the time.
When off-plan sales opened, more than 400 investors of 32 nationalities purchased units and paid substantial sums.
They included Bahrainis, who accounted for 20 per cent of the investors, as well as 33 British investors and 13 Saudi investors, in addition to nationals of other GCC and Arab countries, India, Africa and the Caribbean, as well as Australia, Cyprus, European countries, the US and South American countries among others.
In 2010, the project ran into difficulties, beginning the ordeal for investors who, to this day, have not received compensation for the amounts they paid.
Last year, it was announced that the project would be put up for public auction. The auction was organised by Mazad under the supervision of the Stalled Property Development Projects Settlement Committee, with the auction ultimately being awarded to Sumou Holding.
The GDN reported earlier this month that a major step was taken towards ending nearly two decades of uncertainty surrounding the Marina West development.
The decision, published in the Official Gazette, confirmed the outcome of the public auction for the landmark Budaiya project and directed the Survey and Land Registration Bureau to register the property in Sumou’s name, free of encumbrances and liens, and issue a title deed.
Additionally, the developer and property owner was ordered to hand over the property to Sumou, marking a significant legal milestone for the development.
nader@gdnmedia.bh
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