Bahrain cancellation

First Bahrain, a leading property firm, has cancelled a £275 million mixed-use project, which was planned for construction in Seef district of Bahrain, due to the economic downturn...

The company says that it will no longer continue with the mixed-use project due to the 'prevailing market conditions'.

The project, which would have been built on 21,000sqm, was due to feature a five-star hotel, service apartments, offices and residential towers.

The project's General Manager Amin Ahmed Al Arrayed said, "Working together with all parties involved, First Bahrain has amicably concluded all previous agreements related to the project, with no outstanding or forward liabilities."

Source: www.homesoverseas.co.uk/news