GFH confirms plans to develop property portfolio

22/06/2016 02:07 AST

GFH Financial Group, the Bahrain-based company, confirmed on Tuesday it is planning to undertake development of its real estate portfolio in Bahrain and Dubai under a specialised company called GFH Real Estate.

The subsidiary will have initial assets and capital worth $40 million will manage GFH assets in Bahrain and Dubai with value exceeding $300 million including Harbour Row, Harbour North, and Dubai California Village.

In a statement issued to the Dubai Financial Market where GFH is listed, the company said it intends to launch the development of the remaining phases of the Harbour Row project before the end of 2016. The project, which will have a development value of $150 million, is a residential one located in the waterfront area of the Bahrain Financial Harbour.

GFH’s total outstanding shares are listed on DFM, with shareholders that include financial institutions in Abu Dhabi and Dubai. The remaining 15 per cent contribute to shareholders in Bahrain and Kuwait.


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