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Mon 30 Apr 2007 02:39 AM

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GFH deal drives 27% profit rise

Gulf Finance House first-quarter profit increase driven by emerging markets deal

Bahrain-based Gulf Finance House (GFH) on Sunday reported a 27 percent increase in first-quarter net profit compared to the year-earlier period, driven by the conclusion of a deal in an emerging market.

Deputy Chief Executive Peter Panayiotou declined to give details about the deal, which he said was the main contributor to the increase in first-quarter profit to $72.2 million.

"The majority of the revenue was derived from a development infrastructure deal in an emerging market," Panayiotou told Reuters.

The Islamic firm, which invests in several infrastructure and real estate

projects in the Gulf Arab region, also has investments in Jordan, Morocco

and India.

In October the firm announced a $2 billion plan to develop an energy

business district in India, and in December said it would invest at least $1

billion in China in 2007. The firm has since said it may double or triple

its India investment.

In January, the bank said it would set up an office in London to look into

European investment opportunities, and announced plans to list on the London

Stock Exchange.

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