GFH inks $103m Tunisian university project deal
Three US universities behind Tunisian project, with local banks and high net worth investors backing the project
GFH, the Bahrain based financial group, has announced that three leading US universities have agreed to establish a new $103 million American University at the $3 billion Tunis Financial Harbour (TFH) project.
The initiative is being launched by US-based Clayton State University, Savannah State University and Michigan State University in partnership with University Montplaisir a local Tunisian university.
Plans were announced at a press conference held in Tunis, which was attended by representatives from Tunis Bay Project Company and the partnering universities involved, a statement said.
The development of the university community, is intended to span over 5 hectares, and is scheduled to start in 2017 with an expected completion date of 2020.
The project will be financed by the US universities involved as well as a group of local banks and high net worth investors.
TFH is a mixed use development launched in 2008. It is being built across 523 hectares and aims to be the first world class offshore financial centre in North Africa.
In addition to a business hub, TFH has been master planned to serve as a modern urban environment where residents and their families can live and work.
Once fully developed, TFH will feature residential and retail spaces, an 18 hole championship golf course, a beach community, souk, education facilities, hotels, financial centre, marina and shopping malls which all together will create more than 16,000 jobs and accommodate 110,000 residents.
Lotfi Ezzar, CEO of Tunis Bay Project Company, said: "We're delighted to announce that this exciting development will take place at Tunis Financial Harbour. This investment by three leading American universities underscores the important strategic position of TFH and the value that this project is adding to the local and surrounding economies.
"The establishment of this top tier university in Tunis will support efforts to further diversify the economy, build on the country’s strong foundations and create jobs and opportunities for Tunisians and others across the region."