GFH raises $52.8M for Kuwait real estate firm

Gulf Finance House (GFH), the Bahrain-based Islamic financial house, says the money will be put into 'blue chip' real estate investments across the GCC.

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By  David Ingham Published  March 9, 2004

Gulf Finance House (GFH), the Bahrain-based Islamic financial house, has raised KD15 million (US $52.8 million) in a private placement for Kuwait-based Gulf Development Real Estate Co. According to a statement, the money will be channeled into ‘blue chip’ real estate assets in the GCC countries. “The success of the private placement shows the confidence the market has in the growth of the real estate sector of GCC, which is passing through an unprecedented boom phase, opening up steady growth avenues for informed investors,” said Esam Janahi, chief executive officer of GFH. “Though the company has just started operations, it has already begun sourcing unique investment opportunities within the real estate sector in the region.” The KD15 million raised was KD5 million above GFH’s original target. Shareholders in Gulf Development Real Estate Co include a cross section of high net worth individuals and investment companies, including Global Securities House, Global Investment House, KIPCO Asset Management Company (Kamco), National Investments Co., Kuwait Pipes and Industries Services Company. Gulf Finance House holds a 20% stake in the company.

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