The hundreds of faux chateaux being built for wealthy Gulf investors in Turkey’s northern Bolu province were to have been fit for royals.
The decision to reduce service fee for patents, utility models and industrial designs for students, research centres and…
28 Views | the publication reaches you by | Oman NewsBuilder Sarot Group was slapped with a definitely unregal court-ordered bankruptcy ruling over the Burj Al Babas complex’s $27 million debt, Hurriyet newspaper reported Sunday.
Customers from Qatar, Bahrain, Kuwait, the UAE and Saudi Arabia snapped up 350 of the villas, according to Hurriyet, at a going rate of $370,000 to $530,000. They specifically asked for the chateau-like design, according to the project’s consulting architect, Naci Yoruk.
Sarot Group Chairman Mehmet Emin Yerdelen blamed his predicament on deadbeat clients.
“We couldn’t get about 7.5 million dollars receivables for the villas we have sold to Gulf countries,” Hurriyet quoted Yerdelen as saying. “We applied for bankruptcy protection but the court ruled for bankruptcy. We will appeal the ruling.”
The group finished building 587 villas before it applied for bankruptcy protection.
Although the court ordered the group to stop construction immediately, Yerdelen is still hopeful.
“The project is valued at $200 million,” he said. “We only need to sell 100 villas to pay off our debt. I believe we can get over this crisis in 4-5 months and partially inaugurate the project in 2019.”
The UK and Oman will open a new joint training base in the sultanate early next year. The…
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).
