Appoints SCET as the infrastructure project managers

Appoints STUDI to undertake the infrastructure design of the project

Manama, Bahrain Tuesday, 29th December 2009: Tunis Bay Financial Harbour (TBFH) Project Company, the project development company responsible for the development of the Tunis Financial Harbour (TFH) announced today that it has signed a purchase agreement for the land to build the project.

The land purchase agreement was signed at the Ministry of Public Domains and Real Estate Affairs during a land transfer agreement ceremony signed between His Excellency Mr. Ridha Gueirira, Tunisian Minister of Public Domains and Real Estate Affairs and Dr. Esam Janahi, Chairman of Tunis Bay Financial Harbour Project Company. The agreement was signed after all requirements were met, including the establishment of a project company in Tunis, completing the framework for a financial services sector and finalizing the project master plan.

During the ceremony Dr. Janahi also announced the appointment of SCET, the leading Tunisian multi-disciplinary engineering company as the infrastructure project managers of the initiative and STUDI Group, a Tunisian engineering consultancy to undertake the infrastructure design for the whole project.

Commenting on the land transfer agreement and the consultants appointments, Dr. Janahi said, "The Government of Tunisia have provided us with wholehearted support and must be credited for much of the progress made so far on the Tunis Financial Harbour initiative. The signing of the land purchase agreement and appointment of the consultants signals the commencement of the implementation phase of the project. TFH will represent North Africa's first sustainable offshore banking hub, harnessing the impressive economic potential within the Tunisian economy and sponsor socio-economic growth for generations to come."

"We are confident that the appointment of leading Tunisian engineering firms, SCET and STUDI Group will bring the required global expertise and local knowledge to build a world class infrastructure on which TFH will be developed."

"The designs for the project's entire infrastructure are expected to be completed by June 2010 after which the development of the project will commence in September of that year," he continued. "Activities in the initial stages will focus on building the framework components of the project."

Situated in Tunis Bay, Tunis Financial Harbour (TFH) is the brainchild of leading Middle Eastern Islamic investment bank Gulf Finance House (GFH) and will play host to some of the world's leading names in finance, advisory and support services at a strategic crossroads between the European, North African and Middle Eastern markets.

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About Tunis Financial Harbour
Located just north of Gammarth, Tunis Financial Harbour (TFH) will populate an area of around 520 hectares approximately ten minutes away from the most affluent areas in Tunis including La Marsa and Carthage.  TFH will comprise four distinct business clusters including investment banking and advisory centre, a corporate centre, a Takaful/ insurance hub and the regions first international financial exchange.  Alongside these functions, an international business school will be built to equip tomorrow's graduates with the skills demanded by leading players from the international finance and support services community.  

To complement the commercial aspects of the initiative, a variety of residential and leisure facilities including the marina, a residential complex with luxurious villas and an 18 hole championship golf course are included in the master plan. TFH is the second in a series of offshore financial centres originated by GFH (after the Bahrain Financial Harbour) and was conceived in close partnership with the state of Tunisia.

About Gulf Finance House
Established in 1999, Bahrain based Gulf Finance House (GFH) is one of the most successful and innovative Islamic investment banks in the Middle East. GFH historically focused on the conception and delivery of high value economic infrastructure projects. The Bank has also offered a diversified product range with a number of venture capital, private equity and asset management initiatives in addition to pioneering a number of Islamic financial institutions. 

In addition to its share listings on the Kuwait and Bahraini Stock Exchange's and the Dubai Financial Market, 2007 witnessed the Bank's GDR listing on the London Stock Exchange. Over the past year, GFH has evolved its business model with a view to establishing itself as the world's leading Islamic investment bank. Under this new structure GFH will essentially operate with two primary businesses, GFH Real Estate & Infrastructure and GFH Capital. 

The Bank has won numerous local and international awards as a testimony of its commitment to excellence and its pioneering and innovative approach, including "Best Investment Bank 2008", by Islamic Banking and Finance, "Best Investment Bank" three years running (2005-2007), awarded by Banker Middle East; "Best Islamic Investment Bank" by World Finance 2007; "MENA Investment Bank of the Year 2008" by Acquisitions Monthly; "Best Investment Bank 2008", by Islamic Banking and Finance; and "Best Islamic Finance House" at the Banker Middle East Industry Awards 2009.

For further information please contact:
Ahmed Al-Derazi
Public Relations-Corporate Communications Team
Tel: +973 17 538538 Ext (ext. 274)
Email: aalderazi@gfh.com
Website: www.gfh.com

© Press Release 2009