Bahrain's GFH refutes contract award claims at $3bn Tunis project

Gulf Finance House issues statement to reject media reports that it has inked construction deal for Tunis Financial Harbour
Bahrain's GFH refutes contract award claims at $3bn Tunis project
An artists impression of the Tunis Financial Harbour.
By Andy Sambidge
Fri 10 Oct 2014 01:20 AM

Bahrain's Gulf Finance House (GFH) has rejected media reports that it has signed an agreement with Makni Group to build part of its $3 billion financial park and real estate development project in Tunisia.

The Islamic investment bank has issued a statement to clarify reports published in Tunisia regarding the construction of its Tunis Financial Harbour Project.

"In reference to the articles published in Tunisian media, we would like to point out that an agreement has not been signed with the Makni Group," the statement said.

It added that Tunis Bay Project Company has entered into negotiations with several parties for joint development without any agreement being signed so far.

According to Tunisian media, the Makni Group, which launched a real estate arm to develop shopping malls on the back of its background in textiles and clothing, had signed an memorandum of understanding for the Central Park neighbourhood and Marina neighbourhood of thhe project.

Earlier this year, Bahrain's GFH said building had started on the project that had been suspended for five years.

The project will be one of the largest private foreign investments in the North African state, which has struggled to revive its economy since the revolution.

GFH's project was scheduled to begin in 2009, but financial difficulties at the Islamic bank and Tunisia's 2011 uprising froze several large-scale projects.

The site will contain a corporate centre, an investment banking and advisory centre and an insurance area. It will also include homes, offices, a golf course, a business school and trade centres.

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