GFH meets contractors to discuss $3bn Tunis scheme

Bahrain bank details schedule for developing offshore financial centre

Tunis Financial Harbour
Tunis Financial Harbour

Gulf Finance House, the Bahrain-based investment bank, has held meetings with contractors and developer in Tunisia to bring forward plans to build North Africa's first offshore financial centre.

The firm met the chief executive of its $3bn Tunis Financial Harbour project, Lutfi Alzaar,and The Tunisian Minister of Investment and International Co-operation, Riadh Bettaieb, to discuss the project.

During the meeting, the government expressed its ongoing support for the plan. Following this, it discussed plans for construction of the major buildings on site - specificially the development strategy.

It plans to initially focus on developing the project's retail element, golf course, show villas and apartments. This will be followed by an international marketing campaign to drum up interest in the scheme.

“The expected benefits of TFH are extraordinary for Tunisia, GFH and our investors," said GFH's acting CEO, Hisham Alrayes.

"We are very much committed to seeing the project through and thereby realize the returns for the country and
our investors.

"I see Tunisia becoming the leading Financial and Business Centre in North Africa once development of TFH has been completed,” he added.

Gulf financial House and the Tunisian Government launched the 500-hectare project, which will contain housing for 110,000 people, two years ago.

A deal to buy the land for the scheme was completed in 2009.

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