GFH Group exits major Bahrain waterpark project

Lost Paradise of Dilmun is one of the largest standalone water parks in the Middle East and the largest in Bahrain

  
Image used for illustrative purpose. Riders take the plunge as an empty raft is lifted back to the top during the public opening of the Verruckt water slide at the Schlitterbahn Waterpark in Kansas City, Kansas July 10, 2014. REUTERS/Dave Kaup

Image used for illustrative purpose. Riders take the plunge as an empty raft is lifted back to the top during the public opening of the Verruckt water slide at the Schlitterbahn Waterpark in Kansas City, Kansas July 10, 2014. REUTERS/Dave Kaup

REUTERS/Dave Kaup

GFH Financial Group, one of the most recognized financial groups in the Gulf region, has announced its successful exit from Lost Paradise of Dilmun (LPOD) waterpark in a deal valued at $60 million.

The LPOD waterpark is one of the key components of Al Areen development, located in the southern region of Bahrain next to the formula one (F1) track race with a township spreading over 2 million sq m.

It is one of the largest standalone water parks in the Middle East and the largest in Bahrain. It accommodates over 170,000 people per annum and features 18 of the fastest and most exciting slides, fountains and waive pools in the Kingdom catering to all ages.

Commenting on the exit, CEO Hisham Alrayes said: "We are pleased with achieving another exit in our real estate portfolio. This has and remains a key focus for GFH, where we enhance the value of our real estate assets and exit to channel proceeds into other investment classes and yielding assets."

"Nevertheless, due to the importance of this asset to our Al Areen development, we have retained the right to operate and manage the Waterpark over the next 5 years. We expect the transaction to reflect with good profitability to GFH during the remaining financial period of the year," he added.

GFH is one of the most recognised financial groups in the GCC that includes asset management, wealth management, commercial banking and real estate development.

With listing in Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market, the GFH group's operations are focused in the GCC, North Africa and India.

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