GFH’s JORDAN GATE PROJECT DUE FOR COMPLETION EARLY 2011
Bahrain - 5 September, 2010 - Gulf Finance House (”GFH” or “the bank”) today announced that its landmark $300 million development project, Jordan Gate, based in Amman, Jordan is due for completion early 2011 following the signing of a new agreement between Bayan Holding, Jordan Gate Company, Alhamad Company, the construction company responsible for delivering the project and Hektar as a new investor.
With the signing of the new agreement, the Jordan Gate project is expected to be completed early next year. Jordan Gate is the most extensive and significant infrastructure development in Amman. The project consists of two 43 storey towers, with one of the towers to be transformed into a hotel to be operated by Hilton Hotels and the other tower to provide offices, multi-purpose lounges and halls for meetings, presentations and conferences. A commercial podium connecting the two towers will host shops, entertainment centres, a food court and other services.
GFH generated the concept of Jordan Gate and worked through Bayan Holding in partnership with the Jordanian government and enterprise authorities to secure the requisite permissions and to bring in the necessary investment and funding for the project. Jordan Gate is illustrative of GFH’s ability to create, raise funds, manage and deliver some of the region’s transformational infrastructure projects.
Essam Janahi, Executive Chairman of Gulf Finance House, said, “The signing of this agreement is a very positive step in realising our vision of creating a significant development that will help support the development of the Jordanian economy by providing world leading commercial infrastructure. Jordan Gate is a proven concept from the GFH infrastructure portfolio and we will be targeting to create maximum value for our investors and shareholders from the project.”
Dr. Haider Majali, Vice Chairman of the Jordan Gate Company and GFH Representative in Bayan Holding, stated, “I am pleased to witness this remarkable progress in this landmark project and would like to thank all of the parties involved in making this progress possible. Our agreement with Hektar means that we can now continue the development of Jordan Gate as planned, Jordan Gate will transform the commercial capability of the project and its impact on supporting the Jordanian economy and will surely support the initiatives taken by the Jordanian Government to develop its foreign investment strategy.”
ENDS
About Gulf Finance House
Since its establishment in 1999, Bahrain based Gulf Finance House (GFH) has been a driving force in the development of regional Islamic financial institutions and infrastructure projects across the Middle East. Its shares are listed on the Kuwait Stock Exchange, the Bahraini Stock Exchange, the Dubai Financial Market and the London Stock Exchange in the form of a GDR. It has been responsible for the creation of leading Middle Eastern financial institutions such as First Energy Bank, QInvest, Syria Finance House, Inovest, Khaleeji Commercial Bank and Arab Finance House. In addition, GFH has created a wide range of significant economic infrastructure projects across the MENA region and beyond.
GFH is currently transitioning to a new business model which will see the business focus on becoming a global leader in the creation and development of Islamic financial institutions.
For further information please contact:
Amal Turki
Head of Corporate Communications
Tel: +973 17538538
Email:
Website: www.gfh.com