- Spread across 1750 acres of prime land outside Mumbai, project to be India’s largest, FDI driven integrated development
- Expected to house 140,000 residents, and generate over 1 million direct and indirect employment opportunities
Mumbai, India, Sunday, 7th March 2010: Signaling the commencement of development work at one of India’s most anticipated infrastructure projects the Chief Minister of the State of Maharashtra, Shri Ashok Chavan today formally launched the Gulf Finance House (GFH) promoted GFH Economic Development Zone (GFH EDZ) at a ground-breaking ceremony today held in Mumbai. Spread over an area in excess of 1750 acres of prime land outside Mumbai, the project will be India’s largest, FDI-driven integrated development project and one of the most vibrant and technologically advanced.
The vision behind the GFH EDZ is to cater to the growing business and social needs of Mumbai, India’s financial and commercial capital, by developing a critical mass of world class business, leisure and residential infrastructure. Located close to Mumbai’s proposed new international airport, it also aims at decongesting the city. On completion EDZ, which comprises of three distinct components, namely Energy City, IT & Telecom City and Entertainment City, will house approximately 140,000 residents and will generate direct employment for over 250,000 people and indirect employment for as many as 750,000 people.
The Honourable Chief Minister of the State of Maharashtra, His Excellency Shri Ashok Chavan, formally launched infrastructure work of the project in a symbolic ground-breaking ceremony in Mumbai alongside Mr. Esam Janahi, Chairman of Gulf Finance House and investors in the project. The ceremony was attended by Shri Narayan Rane, Revenue Minister, Govt. of Maharashtra, Shri Rajendra Darda, Industries Minister, Govt. of Maharashtra, Shri Sunil Tatkare, Guardian Minister (Raigad) and Finance & Planning Minister, Govt. of Maharashtra, Shri J P Dange, Chief Secretary, Govt. Of Maharashtra, Shri A. M. Khan Principal Secretary - Industries, Energy & Labour, Govt of Maharashtra, Shri T. C. Benjamin, Principal Secretary - Urban Development, Govt. of Maharashtra, Shri Ratnakar Gaikwad, Metropolitan Commissioner, MMRDA, Shri SVR Srinivas, Assistant Metropolitan Commissioner, MMRDA, Shri SS Sandhu, Divisional Commissioner, Konkan region, Shri S O Sonawne, District Collector Raigad, , the media and other senior dignitaries.
In his address to the audience, His Excellency Shri. Ashok Chavan, said: “We welcome this initiative by Gulf Finance House which will significantly contribute to large scale job creation and the development of world-class infrastructure in Mumbai. GFH Economic Development Zone will bolster Mumbai’s and the State of Maharashtra’s position as a leading global business hub and the most attractive investment destination in India.”
Thanking the Chief Minister of Maharashtra and his team for their continued support to GFH and its initiatives in the State, Mr. Esam Janahi, Chairman, GFH said: “I would like to take this opportunity to thank the Government of Maharashtra, especially HE Shri Ashok Chavan for his continued support for this project, first in his capacity as the Industries Minister and now as the Honourable Chief Minister of the State. Their active support has been vital to the progress of the project as we begin actual commencement of the first phase of infrastructure & development works, which we anticipate completing in the next 30 months.
“I would also like to thank our partners, Valuable Group and DAR Capital Group for assisting us in putting together one of the largest and most ambitious projects undertaken by GFH so far,” added Mr. Janahi.
Elaborating on the choice of Maharashtra for the location of the project, Mr. Janahi said: “India’s exceptional economic growth has sustained despite the global downturn, and Maharashtra has proven to be the ideal investment and business destination within the country. The state authorities have encouraged and facilitated investors and businesses, and through EDZ Mumbai, GFH has sought to capitalize on the attractive opportunities in the state’s infrastructure, energy and information and telecommunication technology sectors.”
On EDZ’s components, Mr. Janahi added: “Energy City will form a business hub with all the necessary components to cater for India’s growing hydro - carbon and renewable energy industry; and the ICT/Telecom segment, known as MITTIC, will feature a centralized and comprehensive ICT Office Park - catering to the specific industry needs.”
GFH has also enrolled the services of a host of leading global consultants for this landmark project. Key amongst them are HOK Canada for Master Planning, Halcrow UK for Electricity Requirements, Frischmann Prabhu for Detailed Project Design, SENES Canada as Environment Consultants, Monarch Surveyors for detailed survey of the Project Area, Jones Lang Lasalle Meghraj for the Techno Econimic Feasibility Study and CBRE for the overall Project Feasibility.
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About Gulf Finance House (GFH)
Established in 1999, Bahrain based Gulf Finance House (GFH) is one of the most successful and innovative Islamic investment banks in the Middle East. GFH historically focused on the conception and delivery of high value economic infrastructure projects. The Bank has also offered a diversified product range with a number of venture capital, private equity and asset management initiatives in addition to pioneering a number of Islamic financial institutions.
In addition to its share listings on the Kuwait and Bahraini Stock Exchange’s and the Dubai Financial Market, 2007 witnessed the Bank’s GDR listing on the London Stock Exchange. Over the past year, GFH has evolved its business model with a view to establishing itself as the world’s leading Islamic investment bank. Under this new structure GFH will essentially operate with two primary businesses, GFH Real Estate & Infrastructure and GFH Capital.
The Bank has won numerous local and international awards as a testimony of its commitment to excellence and its pioneering and innovative approach, including “Best Investment Bank” three years running (2005-2007), awarded by Banker Middle East; “Best Islamic Investment Bank” by World Finance 2007; “MENA Investment Bank of the Year 2008″ by Acquisitions Monthly; “Best Investment Bank 2008″, by Islamic Banking and Finance; and “Best Islamic Finance House” at the Banker Middle East Industry Awards 2009.
For further information please contact:
Ahmed Al Derazi
PR-Corporate Communications Department
Tel: +973 17538538 Ext 274
Email:
Website: http://www.gfh.com/