Bahrain Financial Harbour seeks €250 million

Gulf Finance House enlists Credit Agricole to help it raise finance for the Bahrain Financial Harbour development. Work on the project is set to start this month.

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By  David Ingham Published  March 3, 2004

Gulf Finance House (GFH) has enlisted French investment bank, Credit Agricole Indosuez (CAI), to help it raise €250 million (US $303.62M) in Islamic funds for Bahrain Financial Harbour (BFH). The capital, which will be raised on international markets, will help finance construction of the BFH, a landmark real estate development that will include the tallest tower in Bahrain. “This unprecedented deal.. is a great endorsement of the landmark economic initiatives Bahrain is undertaking and represents a clear vote of confidence in its success,” said Esam Janahi, CEO of Gulf Finance House, lead financial advisor to the BFH development. "The deal also reflects and underpins the confidence of major international banks in Islamically-structured investment products." In a related development, BFH has signed Al Hamad Contracting Company to do the engineering and construction work for phase one of the BFH project, the Financial Centre. Work begins this quarter and is due to finish in early 2007. Completion of the entire BFH project is scheduled for 2010. In phase one, Al Hamad will undertake construction of the 'Financial Centre' component of the project. This involves the Dual Towers, two 50 storey buildings that will be the tallest buildings in Bahrain, an eight level building called the Financial Mall and the Harbour House, a nine level, circular building. The Dual Towers are aimed at financial services companies; the Financial Mall will house the Bahrain Stock Exchange, clearing and settlement houses, and brokerage and trading firms; and the Harbour House will be aimed at media based companies.

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