Mr Esam Janahi formally presents Tunis Financial Harbour to His Excellency Zine El Abidine Ben Ali, President of Tunisia at a special event held in Tunis

Landmark development marks entry of Gulf Finance House into the Republic of Tunisia

Manama, Bahrain / Tunis, Tunisia, 14 December 2007: Gulf Finance House (GFH), today announced its plan to set up the Tunis Financial Harbour (TFH) at Tunis Bay. With an estimated development value of approximately US$ 3 billion, Tunis Financial Harbour marks the entry of GFH and its Clients into Tunisia, as it positions itself as one of the largest foreign investors in the country.

To be located in the Raoued North, Tunis and just 25 minutes from the Tunis Carthage airport, the Tunis Financial Harbour was formally unveiled to His Excellency Zine El Abidine Ben Ali, President of Tunisia at a special ceremony held in Presidential Carthage Place Tunisia. A Memorandum of Understanding between Gulf Finance House and the Government of Tunisia was signed earlier this year.  

A member country of the World Trade Organization (WTO), Tunisia has been ranked as the most competitive country in North Africa by the World Economic Forum in the 2007 edition of its Global Competitiveness Report. It is also the first country on the southern coast of the Mediterranean to have concluded a partnership and cooperation agreement with the European Union, the main component of which is the establishment of a free-trade zone. Since 1987, it has recorded an average growth rate of 5% per annum.

Mr. Esam Janahi, Chairman, Gulf Finance House, said: "The Tunisian economy has been constantly outperforming the African average, with the country's per capita GDP being amongst the highest in Africa, driven by foreign direct investment. This growth along with progressive and proactive government has made Tunisia a very attractive investment destination for us. We thank the Tunisian government for its support."

"The country could benefit from developing its offshore financial services industry and creating a world-class International Financial Centre for North Africa. Tunis Financial Harbour has been created by some of the world's leading financial services strategists and utilises a business cluster model. We are confident that TFH will make a significant contribution to the Tunisian economy in the long term, and will be seen as a strategic component of Tunisia's economic infrastructure."

Elaborating on GFH's involvement in the project and its planned components, Mr. Peter Panayiotou, Acting Chief Executive Officer, GFH, said: "GFH is focused on expanding its horizons globally with a particular focus on emerging economies with strong growth potential. Simultaneously, the Bank is also focused on consolidating its position in the wider MENA region by tapping into specific opportunities, with the Tunis Financial Harbour project being the latest venture."

"Having successfully developed and launched a world-class financial district in Bahrain, we were confident of replicating this success in North Africa. Apart from the economic drivers behind this decision, Tunisia's ability to provide talented human resources, with the country reporting relatively high investments in higher education as a proportion of GDP, was a key factor that prompted us to choose Tunisia as the location for our first financial harbour in North Africa."

"Tunis Financial Harbour will comprise four key clusters, in addition to hosting a wide array of professional and other support service firms. The clusters at will include, a Corporate Centre, an Investment Banking and Advisory Centre, an Insurance and Takaful Centre and an Exchange." Mr. Panayiotou added.

To be spread over a total site area of 450 hectares and as per initial development plan, Tunis Financial Harbour will consist of a marina and a commercial cum residential complex of luxurious villas, commercial/ business developments, a golf course and a stadium. The project will also contain a world-class business school. It is estimated that Tunis Financial Harbour will create thousands of jobs, and bring in billions of dollars to the overall Tunisian economy,

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About Gulf Finance House
Founded in 1999, Gulf Finance House has grown rapidly to become one of the most respected investment banks in the Middle East region in terms of the quality and innovation of its product offerings. Over an eight-year period Gulf Finance House has successfully launched economic infrastructure development projects and investments with an aggregate end value exceeding US$12 billion and received numerous awards for its innovative approach to Islamic banking and finance. Its shares are actively traded on the London Stock Exchange (GDR), the Kuwait Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial Market. 

Over the three-year period ended 31 December 2006, net income more than tripled to US$211.6 million. Reflecting its international reputation, Gulf Finance House has won numerous local and international awards, such as "Best Investment Bank" for three years in a row in 2005, 2006 and 2007, awarded by The Banker Middle East, "Bank of the Year 2006" awarded by the Arabian Business Magazine and "Best Islamic Real Estate Finance House" awarded by Euromoney.

© Press Release 2007