Local Affairs Editor: The Committee for Settlement of Stuck Real Estate Development Projects refused to grant another deadline to the real estate developer of the “Marina West” project after exhausting all means of amicable settlement and due to the developer’s incompetence, not to mention the project’s stalling for more than 10 years.
The committee decided to put the Marina West project up for sale at public auction, and postpone consideration of the project to the October 20 session to determine the terms and date of the sale.
In the details of the decision issued in the October 6 session, the committee said that a request was received from the representative of the developing company, including a request for another deadline to resolve the faltering project, after studying the request, and in light of the faltering project for more than ten years.
The committee confirmed that it had exhausted all means of settling the project amicably, and found that the developer was incompetent to manage the project, in addition to his failure to present an acceptable plan to resolve the default within the legally prescribed dates in accordance with the provisions of Decree Law No. (66) of 2014 regarding the settlement of troubled real estate development projects, and within a period of approximately ten years, and in view of the size of the obligations on the project, which prevent the acceptance of any new developer. To complete it, the best way to remove the stumbling block of the project is to sell it at public auction.
Based on the above, the committee considers rejecting the request submitted by the developer to grant him another deadline, and putting the project up for sale at public auction in accordance with the text of Article Eight of Decree Law No. (66) of 2014 regarding the settlement of troubled real estate development projects. The Marina West project is put up for sale at public auction in accordance with the text of Article Eight of Decree Law No. (66) of 2014 regarding the settlement of troubled real estate development projects, and the consideration of the project is postponed to the 20th session. October 2025 AD to determine the conditions and date of the sale, according to what was published in the Official Gazette.
It should be noted that the “Marina West” project, located in the Budaiya area, is one of the residential projects consisting of 10 towers and a five-star hotel tower, and its cost is about 700 million dollars.
