The Bahrain Gulf Finance House has officially committed to a mega 3 billion dollar project in Tunisia.

MBF

Pending since December 2007, the project includes a technological hub with an international communication stock exchange, a technology development pool, an international communication university, a free zone for business, a multimedia centre and more. The planned investment was announced on 8th January in Tunis by Issam Youssef Janahi, executive president of Gulf Finance House who was being received by President Zine El Abidine Ben Ali. Some 26,000 jobs will be generated by this technological centre which will also undertake real estate, residential and recreational projects. According to the manager of Gulf Finance House, Tunisia was chosen because of the country’s favourable ranking in the 2007 Davos Forum report.

With this investment, Gulf Finance House will strengthen its position in North Africa. Besides Tunisia, the Islamic commercial bank, that specialises in infrastructure conception and creation, begun work on both projects in Morocco (Royal Ranches in Marrakech and Resort Cap Malabata in Tangiers). The project is worth an overall investment of around 12 billion dirhams (1.4 billion dollars).

Gulf Finance House is alleged to have concluded an investment deal with the Algerian government for the creation of an economic development zone in the suburbs of Algiers, similar to what was launched in autumn of 2007 in India.

Created in 1999, Gulf Finance House is carrying out a particularly prudent investment policy with a portfolio of projects primarily targeting luxury residential real estate and other forms of real estate as well. Over the last three years, it has brought in profits that have soared from 56.7 million to 212 million dollars in 2006.