The Salam Bahrain Beach Resort and Spa in Bahrain, which was stalled last year, shows no signs of resuming construction activity.
The BD378m ($1bn) should have completed in summer 2009, but work stopped because developer Sama Dubai owed unpaid bills.
Hundreds of companies are allegedly owed money by main contractor Nass Corporation and its joint venture partner Murray and Roberts, who in turn are owed cash by the UAE developer.
Sources reveal that there are outstanding bills to the tune of BD20m ($53m). Nass Corporation, Murray and Roberts and Sama Dubai have not made an official statement.
The proposed scheme was earmarked as a venue for GCC leaders’ meetings, but is plagued by the economic downturn and Dubai’s property market downslide.