Investors from around the world in the long-stalled Marina West real estate project project are breathing a sigh of relief after it was finally auctioned off for BD19.8 million today.
Saudi Arabia-based Sumou Holdings successfully met the reserve price in the auction, which took place at the headquarters of the Justice, Islamic Affairs and Endowments Ministry in the Diplomatic Area.
According to online reports, Sumou Holdings officials are aiming to complete the project in three years, and will be setting up a local company to carry out the remaining development, marketing and project operations associated with Marina West.
More details in tomorrow's GDN.
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