Manama: GFH Financial Group (“GFH” or the “Group”) today announced its successful exit from Lost Paradise of Dilmun waterpark (“Waterpark”) in a deal valued at US$60 million.
The Waterpark is one of the key components of Al Areen development, located in the southern region of the Kingdom of Bahrain next to the formula one track race with a township spreading over two million square meters. The Waterpark is one of the largest standalone water park in the Middle East and the largest in Bahrain. It accommodates over 170,000 people over per annum and features 18 of the fastest and most exciting slides, fountains and waive pools in the Kingdom catering to all ages.
Commenting, Mr. Hisham Alrayes, CEO of GFH 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”.
About GFH Financial Group:
GFH is one of the most recognized financial groups in the gulf region that includes: Asset Management, Wealth Management, Commercial Banking and Real Estate Development. The group operations are focused in the GCC, North Africa and India. GFH is listed in Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market.
For further information about GFH, please visit: www.gfh.com
For more information please contact:
Nawal Al-Naji- Manager
Corporate Communications Department,
GFH Financial Group B.S.C.
Tel: +973 17538538
Email: nalnaji@gfh.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
